It will take Spain two decades, or until 2033, to see pre-crisis unemployment and growth levels, consultants PWC argue in a new report.

While Spain’s GDP will grow 42% over the next 20 years, or by 2033, which is higher than the 26% forecast for Germany and 33% for France, the country won’t see pre-crisis growth levels until 2033, the PWC report argues.

Spain will grow about the European average and at a faster rate than 17 of 27 European economies until 2033, but annual growth won’t exceed 2% per year in that period.

PWC also say unemployment will take a long time to recover. This will hit 6.8% in 2033 and won’t fall below 10% for another 15 years, (until 2028).

Spain’s current unemployment rate is 26.7% according to Eurostat. In Germany that figure is 5.2%, while the EU average is 10.9%.

The report from PWC was released a day after Spain revealed raw data showing unemployment fell by 2,475 in November. This was the first November drop since 1997.

Spain’s Economy Minister Luis de Guindos responded to the PWC report by saying that studies had failed to predict the intensity of the financial crisis and were now failing to predict ‘the intensity of recovery’.