April 21, 2014
Thursday, December 5, 2013

Report: Spain ‘will take 20 years to recover from crisis’

MADRID — Spain will not recover from the effects of the global recession for two decades and will continue to have high levels of unemployment throughout the period, a report by Price Waterhouse Coopers (PWC) has concluded.

The document, The Spanish Economy 2033, argues that Spain won’t see pre-crisis growth levels for 20 years, despite predicting that the country’s Gross Domestic Product (GDP) will grow by 42 percent over the next two decades — higher than Germany (26 percent) and France (33 percent).

One of the worst problems identified by PWC is the country’s high level of unemployment. The company predicts that in 2033, the amount of jobless will stand at 6.8 percent, with figures remaining above 10 percent for at least 15 years. There are currently six million unemployed people in Spain.

The sense of desperation for jobs was illustrated perfectly yesterday by a story involved the Swedish company, IKEA. One of its stores revealed it received a whopping 20,000 applications for just 400 newly-posted positions working for the country, an unprecedented rush that crashed its computer servers.

— Herald with AP, Télam

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