'Worse than 2008 crisis’: Spain heading for 8 percent economic slump and 20 percent jobless warns IMF - Page 2

GDP-wise the IMF predict Italy will be worst hit but from the starting base I think the unemployment in Spain was worse than Italy thus will be 20+% regardless of the fall in GDP actually being worse in Italy. It's a global economy and what hits Germany, UK, France will in turn hit Spain. I think the UK will come out of this battered and bruised but Spain might get knocked out for a while before they can come back. I am thinking of the ghost towns still affected by the 2008 slump north of Madrid and elsewhere. These are still a thing regardless of any further problems caused by coronavirus.

No I actually agree on this point and it's something that's not being discussed in the UK media (not sure if you noticed). Before this it was wall-to-wall Brexit news and now it's saturated with Coronavirus news - to the point I have to turn the news off it's so depressing. I really hate this lack of normalcy with the UK mainstream media. So yes, Brexit is an unknown quantity and I wonder if the IMF took this into consideration. I can't find mention of it. I would not be surprised if Brexit will be postponed again (along with the US 2020 election but that's another matter).

Edit: partner says can't be postponed as it's UK law now. That's me told.

I’m not disputing Spain’s dependency on tourism. It obviously is. It’s just that was not what the table represented. 

It stated the number of beds James so I think it's a fair estimation of how hard Spain is about to be hit. The untaxed black market in the tourist trade is also immense with most employment being seasonal and untaxed. This cannot be undermined as this black market employment keeps many other unrelated sectors afloat. This is why 2008 hurt Spain so hard. I don't want to be right for the sake of my ego as I constantly rail against egotism but I fear I am correct on this one as, I also stated before, is the IMF.

There are lots of different matrices you can use to assess the potential impact. No one of them is a reliable measure. 

Worse than 2008 AND the 1929 Depression. That's pretty grim news however you slice it. Silver lining is fortunes and wealthy families were created during the 1920's 1930's era but they were few and far between. The opportunities exist if you know where to look and dare to chance.

2009 = Minus 0.1 %

2020 = Minus 3.0 %

THAT'S HUGE!!!!!!!!!!

https://www.youtube.com/watch?v=5V19Wr9SSmc

Odd also that according to the BBC the UK will slupt between 7 and 23 % !! It's odd because the IMF did not predict this. Classic case of lefties talking down the country to suit their anti-British narrative due to their remainer politics. Ring any bells?

For what its worth the UK will walk away from this almost unscathed

as we have The Donald on our side. Facts. Spain is going down the pan.

That's a fairly bullish view which not many will share.

I don't think many countries will walk away from this unscathed - folks will look at this through a personal lens and worry about all sorts of things.

Let's be a little sensitive to that at a time when people might have relatives working in the health services or in beds receiving care.

I did say almost unscathed. The amount of damage caused to the UK will be felt but as we have a diverse economy we will ride it out. I'm not sure how I am being unsensitive and why I should not offer my opinion as it might offend someone. What?