Spain is a sovereign state and is a member of the European Union. The country has the thirteenth largest economy in the world based on the Gross domestic Product statistics. Spain was the eighteenth largest exporter and the sixteenth largest importer in the world. In the last 20 years the economic situation of Spain has improved a lot and it is the 49th freest economy in the world. The statistics are still lower than the last year statistics by 0.8 % from last year due to the business freedom, labor issues, freedom from corruption and spending of the government.
It is expected that the worst is over and economic joy has come which will last longer. Spain has emerged from the job starved economy, and they recovered from the blistering double dip recession and due to this the GDP has gone down by 7%. The unemployment is caught at 26% and is increasing which has kept the job seekers desperate and on the other hand the immigration is picking up at a very fast rate.
The current economic situation is expected to create jobs and increase the domestic consumption, high tax and healthy public finances which can create more jobs. The budget of the next year projected that there would be more estimates for job creation. The civil forces are not receiving their wages and they are being stopped for the fourth row and the public debt is expected to reach the 100% Gross Domestic Product. The companies and the normal people are trying to pay off the debts and even the banks now are feeling safe to give loans to the government rather that business and individuals. Now we can see some hope in the economy of Spain. The growth will be affected in the third quarter and internally the changes will take time to reflect on the other platform. There are industries coming up like the car plants which caused the retail figures to improve.
Recession has taken a brutal toll on the business and the businesses that are still standing are more efficient and productive than others. The exports are also expected to grow by 5% in the next year. The export accounts will also go in the excess as they are booming and the demand is high in the foreign markets. The main help will be contributed by the export market after the bruised state of Spain for the last 21 months. The food and vegetable resources in Spain are the richest in the world, making it diet rich in the olive oil, wine and fresh vegetables. The Spaniards are the longest living people in the entire Europe. The pensioners are expected to increase in the year 2050 which is a leap from 9 million to 15 million. The government has made some vital decisions to calculate the pension, according to the life expectancy and the size of the state pension. The retirement age has increased to 67, which is a significant change in the pension schemes. The labor reforms have made some amazing changes and have helped increase productivity and wage moderations have done.