Spain faces deepest recession in 50 years

 

According to Solbes, Spain’s Finance Minister, the Spanish economy will contract by 1.6 percent this year, stating that “Spain faces its deepest recession in half a century”. The announcement comes as Standard & Poor’s stated that they will have Spain’s debt rating cut. Most economists however see an even gloomier future for Spain: “Spain has got some painful adjustments to make in its domestic economy over a number of years“. As if the GDP forecasts and S&P rating cuts weren’t enough, Solbes also stated that “unemployemnt this year will reach 15.9 percent…”.

 

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