'Worse than 2008 crisis’: Spain heading for 8 percent economic slump and 20 percent jobless warns IMF - Page 3

Depends as they also said 7%. Not 35%. Thus between 7% and (I take your word for it) 35% = THEY ARE MAKING IT UP

There's that word 'could' again. Hardly facts. Put 30 economists in a room you'll get 30 answers etc. I just look at the facts Ray. Facts are Spain was heading down before this virus. That means down will be faster and steeper for her. UK was on an upward trajectory and UK's down will depend on where it was going before. I have no dog in the bash Spain race - I bought in Spain thus I own outright properties in both Spain and the UK. I want Spain to prosper but I have to be honest with myself. It's this honesty which has made me financially independant. I am not going to alter my way of thinking now.

I 'could' be a multi-millionaire tomorrow and find a cure for Covid. It's not gonna happen though.

Unfortunately, Spain will be very hard hit due to the total lack of Entrepreneurialism! This is created by the crippling levels of bureaucracy, corruption and cronyism.

Fortunately, the UK, and many other countries fair far better in these areas hence why we recovered from the 2008//9 crash better and quicker.

Spain is a great country with many many positives but needs to get into the 21st century!

A classic example is taxis. Uber is all across the UK and many other countries, not Spain as the licences are purposely withheld and only given to ‘friends’ of the existing drivers. This drives down competition, service and increases prices. It’s the customer who loses, as well as the government in taxes. But will never change as it’s ‘light’ corruption and cronyism and too many are involved.

Everything you need seems to involve going into a local government office/bank where a band of people have to stamp everything many times. Doesn’t happen in the UK as it’s either online or, more often, just not needed.

You are all quite correct, the future looks bleak from every angle but you forget on3 thing, a People quickly choose to forget an£ move on. Life will resume and hopefully, people will set up their business or a different one and off they go again.

Remember Turkey?   People stopped going through a fear of being killed. My sister owns a beautiful place in Kussadasi and she too said that she would simply leave the place and never go back.  Within less than a year, people were gradually returning. Cruise ships returned and life moved on as before. 

Because we can’t see an end in sight, we naturally think this “life” will never end.

We will have quite a wait but aren’t we are all lucky that we can afford to feed ourselves and afford to pay all of our  utility bills. Many people have found themselves to be penniless and must resort to going to food banks.  If a vaccination is found and made available in September, life can resume as we knew it.

Pray that this will be the case everyone.  We need help.

Indeed.  In many ways Spain reminds me of China for officialdom, but does lack the entrepreneurs that China has.

I fully agree but can't help wondering in an odd way this is why I like Spain. It is a bit behind in many areas so maybe this is why it's attractive. Regardless, they do need a lot more online and less in person. Nothing worse than queuing up for hours only to be told you filled the form out incorrectly and come back tomorrow after visiting the bank to pay and then come back with the receipt etc etc. Yes I get this keeps people in work as pen pushers but Germany Holland France know this and will put up with it for only so long before they pull the money plug.

Of course it will. In 2008, the culprits were the banks. Some went (not nearly enough in my view) but many were acquired and Northern Rock nationalised.

This time, its not a crash caused by negligent business practice (wet markets in Asia apart) - it is a disease. Countries are spending billions or even trillions of extra dollars (over and above planned budget spending) propping up companies - small and large - and individuals (its' never happened before) and spending well over their annual/anticipated budgets on health care and supplies, repatriation flights, shipments of essential goods and building new hospitals in a matter of weeks!. Oil has tanked, airlines are falling like dominoes (Virgin Australia being the latest), tax revenue is being lost globally as well as zero tourism and the stock markets are reacting to it. etc etc etc etc.

This, after the UK recently ended austerity. Guess what? It's coming back! It HAS to (not just in the UK either) as governments are in a whole world of shit now - they are broke. And it isn't over yet.

Brace yourselves. 

Spains a funny one - statistics, don't always bear out what's on 'ground level'. 

Unemployment levels in Spain - have never been accurate. You can claim (for example) there will be 20% unemployment - but when half of those working, are doing so in the black economy, it is a very hard figure to get an accurate appraisal of. It's time again for Spain to look at the prohibitive small business or self-employed social security costs & scrap them in favour for something that actually allows people to earn some money - before you take it off them - which is one of the reasons the black economy still exists.

One thing I do feel a little more comfortable about is most countries will suffer hardship/fallout so in some ways, we are 'all in the same boat' - so trade deals both sides will hopefully be better for all, as we, in theory, all work a way to get ourselves out of this. 

Good comment