The truth about how Spain is changing

The coronavirus economic tsunami

Jun 24, 2020, 6:33 pm
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Patrons only: A 12% or 15% GDP hit for Spain's economy is three or four times worse than the worst year in the previous economic crisis.

Spain's gross domestic product (GDP) will sink 12.8% in 2020 because of coronavirus, the International Monetary Fund (IMF) has announced today. In the Bank of Spain's worst scenario, it could collapse by 15.1%. In a few months because of the Covid emergency, it will drop three or four times more than during the worst year of the previous economic crisis. The awful forecast is based on "persistent social distancing" through the second half of the year, and has worsened since April.

In 2009 in Spain, GDP "only" fell by 3.8%. The unemploymen...

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