Qatar National Bank Highlights Spain’s Recovery
The article examines the transformations of the Spanish economy from vulnerability to strong growth, focusing on the causes and outcomes. The report indicates that Spain was facing a severe financial crisis and a collapse of the property bubble, with unemployment exceeding 26% in 2013, and the banking system requiring a rescue of 100 billion euros, along with a double-digit budget deficit. However, by 2024, the economy had grown by 3.2%, and it is expected that Spain will lead the European economy by 2026. This progress is attributed to structural reforms, diversification of export bases, improvements in the labor market, increased levels of investment and energy, a return to productive work, better financial positions, and success in exporting higher-value-added services. Although the unemployment rate has decreased to around 10%, it remains high relative to European standards, and the level of public debt remains close to 100% of GDP. The findings confirm that reforms and the shift in the economic model have contributed to strengthening Spain’s resilience, with sustainable growth and record surpluses in the current account, despite challenges related to unemployment and public debt.
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