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

Posted By admin On July 27, 2009 @ 3:56 am In Money Watch | Comments Disabled

Washington’s Blog [1]
Monday, July 27, 2009

Citigroup is projecting [2] 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 [3].

As I wrote [4] last December:

Housing bubbles are now bursting in China [5], France [6], Spain [7], Ireland [8], the United Kingdom [9], Eastern Europe [10], and many other regions [11].

And the bubble in commercial real estate is also bursting world-wide. See this [12].

So – unfortunately – unemployment could be a problem globally.

Unemployment Not Just a Problem in America ... Unemployment in Spain Forecast at 22% by Next Year  290509banner [13]


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URLs in this post:

[1] Washington’s Blog: http://www.washingtonsblog.com/2009/07/unemployment-not-just-problem-in.html

[2] projecting: http://www.nakedcapitalism.com/2009/07/spain-bleak-forecast-puts-unemployment.html

[3] bursting of its housing bubble: http://www.economist.com/specialreports/displayStory.cfm?story_id=12501087

[4] wrote: http://www.washingtonsblog.com/2008/12/how-bad-can-it-get.html

[5] China: http://www.newsweek.com/id/164626

[6] France: http://www.businessweek.com/globalbiz/blog/europeinsight/archives/2008/10/pop_goes_the_fr.html

[7] Spain: http://www.nysun.com/opinion/housing-pain-in-spain/72501/

[8] Ireland: http://www.irishtimes.com/newspaper/finance/2008/1001/1222724598109.html

[9] United Kingdom: http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/2787692/UK-housing-bubble-is-bursting-and-it%27s-serious.html

[10] Eastern Europe: http://www.leap2020.eu/European-real-estate-in-2008-Spain-and-UK-deep-into-the-crisis-Eastern-Europe-near-housing-bubble-burst_a1511.html

[11] many other regions: http://www.iht.com/articles/2008/04/13/business/housing.php

[12] this: http://globaleconomicanalysis.blogspot.com/2009/02/14-year-commercial-real-estate-supply.html

[13] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[14] First Egypt … Now Spain?: http://www.prisonplanet.com/first-egypt-now-spain.html

[15] The “Current Housing Recession is Rivaling the Great Depression’s Real Estate Downturn [and] Will Easily Eclipse It In the Coming Months”: http://www.prisonplanet.com/the-current-housing-recession-is-rivaling-the-great-depression%e2%80%99s-real-estate-downturn-and-will-easily-eclipse-it-in-the-coming-months.html

[16] Spain’s Unemployment Rate Rises to One in Four: http://www.prisonplanet.com/spains-unemployment-rate-rises-to-one-in-four.html

[17] Spain Forecasts 24.3% Unemployment In 2012, 1.7% GDP Contraction: http://www.prisonplanet.com/spain-forecasts-24-3-unemployment-in-2012-1-7-gdp-contraction.html

[18] Greece → Ireland → Portugal → Spain → Italy → UK → ?: http://www.prisonplanet.com/greece-%e2%86%92-ireland-%e2%86%92-portugal-%e2%86%92-spain-%e2%86%92-italy-%e2%86%92-uk-%e2%86%92.html

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