SP0008
Subject: finance, recession
Spain GDP will decrease 3%, from Yahoo Finanzas, by CONSUMER.es EROSKI, 3rd of April 2009
After 14 years of continued expansion the Bank of Spain forecasts a black future for Spain. Probably in the next two years this country will have 4.5 million people without work and to make things worse its international commerce will enter into similar problems as in Germany and Japan. Analysts say that it will take years to alleviate this situation but unfortunately nobody knows when and how. The government urgently needs to create jobs out of the construction industry, that was until recently the only economy engine but now near bankruptcy. The faster the government react the sooner low income families take a breath.
Comment: In fact Spain suffered the effects of a “financial bubble” associated to home construction, colloquially “the brick”, as a crucial and frequent Global World Economies Syndrome.
Tags: GDP, The brick, Bank of Spain, Financial bubble, Global World Economies Syndrome, International Commerce, Low income families, Internally displaced people, Unoccupied people
Bank of Spain
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