For the first time in the history of democracy, Spain has emerged from a recession with growth below average for the European Union and the main euro economies. Although Spain’s GDP shrank more forcefully in the past, recovering more rapidly, this trend has ended.
Spain was the country whose GDP fell the most Epidemic (10.8%). Its slow recovery has meant that it not only converges with the most advanced economies, but further alienates it.
In the graph above these lines you can see that GDP per capita Spain, which reflects the wealth of its citizens, runs parallel to the experience of other large European economies. Divergence has increased significantly in the wake of Kovid. “If compared with the United States, the result will be that Spain is poorer today than it was in the United States in 1972», shown in the report stagflation pathFrom the consulting firm Freemarket Corporate Intelligence, directed by Lorenzo Bernaldo de Queiros,
If the comparison is made in terms of purchasing power parity (PPA), it is observed that Spain leads in convergence by 2006. As of that year, with the exception of the 2015-17 period, it falls: «The period of real convergence has failed. Currently, Spain, along with Italy, is the only country below the EU-28 average of 100 points. between 2018 and 2021The latest index calculated with real data, the Spanish series has experienced the largest downward adjustment and, therefore, greatest distance from european average», they indicate in the report.
In this context, it is interesting to compare the development of Spain with that of Ireland. Ireland Its per capita GDP was similar to that of Spain three decades ago. Spain’s per capita GDP has increased from 11,400 euros in 1993 to 25,000 in 2021, while the Irish have grown from 12,500 to 93,600 euros over the years.
«The unequal treatment of the Spanish and Irish economies is not for some strange reason nor is it the result of coincidence. Ireland has deployed, despite changes in government, with hardly any changes, based on a strategy discipline with a budget public spending and lower taxes, is thriving FLEXIBILITY in its markets for goods, services and factors of production, including labor, and have created a conducive institutional framework for the development of productive activity. His strategy worked and ours did not.
In this way the property of the Spaniards goes away from the property of the citizens of other countries.