With Luck, In A Few Years Spain’s Unemployment Rate Will Go Below 20% In the "New Normal" of the economic decline affecting Southern Europe, this is good news

image_pdfimage_print

WASHINGTON – Talk about beating low expectations. Luis de Guindos, Spanish Minister of the Economy and Competitiveness, recently reported that Spain’s economic future is looking better than what the government had estimated a while ago.

Improved economic forecast?

The government believed the economy in 2014 would grow 1.2%. Instead it looks more like 1.3%. The revised growth estimate for 2015 is 2%, and not 1.8%.

But the really great news is about unemployment. There are good chances that  Spain’s unemployment rate for 2014 will be “only” 24.7%, and not 24.9% as previously forecasted. And for 2015 it looks more like 22.9%, and not 23.3%.

So, cheer up Spain. With economic growth off the charts, most likely in two to three years unemployment will dip below 20%.

Imagine that. A stellar achievement.

, ,

Leave a Reply

Your email address will not be published. Required fields are marked *