Unemployment Not Just a Problem in America … Unemployment in Spain Forecast at 22% by Next Year

Washington’s Blog
Monday, July 27, 2009

Citigroup is projecting that unemployment in Spain will rise from its current 17.9% to 22% next year.

Spain’s unemployment is largely driven by the bursting of its housing bubble.

As I wrote last December:

Housing bubbles are now bursting in China, France, Spain, Ireland, the United Kingdom, Eastern Europe, and many other regions.

And the bubble in commercial real estate is also bursting world-wide. See this.

So – unfortunately – unemployment could be a problem globally.

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