MADRID, July 9 (Xinhua) -- The International Monetary Fund (IMF) revised down its 2014 economic predictions for Spain from a 0.7 percent expansion published last April to a zero growth, it was confirmed on Tuesday.

According to the IMF, in 2013 only Italy will fare worse than Spain, suffering a 1.8 percent contraction compared to the 1.6 percent contraction predicted for Spain.

The IMF forecasts are more pessimistic than with those made by the Spanish government last April and other international institutions.

The government reported last April the Spanish economy would grow by 0.5 percent in 2014, while suffering a 1.3 percent contraction in 2013, while the European Commission (EC) expects the Spanish economy to grow by 0.8 percent next year.

The Bank of Spain expects 0.6 percent growth while the Saving Banks Foundation (Funcas) said on Friday the economy will increase by 0.7 percent.

Only a few hours before the IMF provided this information, Spain's government said the country could experience a positive growth in the third quarter while affirming Spain had left behind the worst part of the economic crisis when the governor of the Bank of Spain Luis Maria Linde said Spain's growth will be "very close to zero" in the third quarter.

Linde made this statement after the inauguration of a meeting on the financial sector organized by the Spanish economic journal Expansion and the auditor KPMG in Madrid.

Linde explained Spain is "close to a turning point" in terms of its economic recovery affirming that Spain will go from "a negative economic growth to positive growth" in the following months.

The governor also said the country does not need more capital for its banks as also confirmed by the Minister of Economy and Competitiveness Luis de Guindos from Brussels.

De Guindos also highlighted the Spanish treasury had been able to sell bonds much more easily than a year ago, confirming that consequently the country will not need another bailout.

Finally the Spanish Secretary of State for Economy Fernando Jimenez Latorre confirmed Linde's predictions adding that Spain could even see positive growth in the third quarter.

"We believe the third quarter of the year will be better than the second quarter", he said, while explaining that economic data improved in the second quarter and they expect this improvement to continue in the third one.