Covid Vaccine Is ‘Light at End of Tunnel,’ Spain’s Calvino Says

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Progress on developing a Covid-19 vaccine will bolster business confidence and an economic recovery by showing the pandemic can be controlled, Spain’s Economy Minister Nadia Calvino said.

“It’s positive news because it generates confidence among economic actors who can see this light at the end of the tunnel, this ray of hope, and gives them a greater incentive to hold on and face up to the months that lie ahead,” Calvino said in online comments to a business forum in Barcelona on Saturday.

The Spanish government estimates the economy will bounce back with growth of more than 7% next year after suffering a decline that may exceed 11% in 2020 because of the pandemic. Positive news on the efficacy of the vaccine being developed by Pfizer Inc. helps remove uncertainty about the course of the pandemic that threatened to cloud the economic outlook, Calvino said.

Spain is preparing further steps to help businesses and boost growth, Calvino said. The government plans to approve the extension for grace periods for credits from state lender ICO at its cabinet meeting next week, she said.

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