Spain’s jobless rate to top 20% in 2010: IMF

Spain's jobless rate would rise over 18 percent by the end of 2009 and could hit 20.2 percent, the IMF said in its latest World Economic Outlook (WEO).

Spain's jobless rate to top 20% in 2010: IMF

Spain's unemployment rate would top 20 percent in 2010, the International Monetary fund (IMF) said on Thursday.

Spain's jobless rate would rise over 18 percent by the end of 2009 and could hit 20.2 percent, the IMF said in its latest World Economic Outlook (WEO).

It also predicted that Spain's gross national product (GNP) would drop by 3.8 percent and 0.7 percent in 2009 and 2010, respectively.

The IMF figures are worse than those predicted by the Spanish government, which expected the country's economy to fall 3.6 percent and 0.3 percent in 2009 and 2010, respectively.

Spain's economic problems began with the construction industry, which has collapsed under its own weight of over-production in recent years. House prices are set to decrease for at least the next 12 months.



Post your comment




News Source © 2009 Press Release Spike TV's
Text within the news headline and/or news body may be subject to copyright Barcelona Reporter does not claim copyright to any such text.unless it is written by one of our reporters :
Please refer to the URL-referenced web page (the ‘Article Source’) for further information and details of the original source from the Barcelona Reporter.com web site. Copyright remains with the original copyright holder