The pain in Spain

摘要

If you think the UK s housing market is on the ropes, just take a look at Spain's - flat on its back, punch-drunk and showing no signs of being able to stagger back up on its feet. The country's precipitous economic downturn looks all the worse after 10 years of phenomenal expansion after which it become the world's eighth largest economy. With annual growth rising to 3.75%, double the European average, Spain has enjoyed massive budget surpluses and created about 600,000 jobs each year, reducing unemployment from 25% in 1994 to 8.6%.