The former vice president has become the Democratic front-runner with primary victories across the country. A shuttered establishment on Madrid's normally busy Gran Via thoroughfare. Subsequent failure to embrace the mercantile and industrial revolutions caused the country to fall behind Britain, France, and Germany in economic and political power. To visit EL PAÍS with the best experience, update it to the latest version or download one of the following supported browsers: Spain is once again in the lead when it comes to the effects of the global coronavirus pandemic. The Greek economy is set to benefit from 32 billion euros in EU funds through 2026 — 19.3 billion in grants and 12.7 billion in loans with favorable interest rates and terms. Moreover, there are multiple business types within that sector (hotels, restaurants, entertainment venues, etc.) The unemployment rate in Spain in 2020 and 2021 is expected to hover around 16.8%, nearly two points above the figure that emerged from the second-quarter labor force survey EPA. In some sectors, such as tourism, the drop could be as much as 25%. And in September, the Bank of Spain said that it was expecting a GDP decline of anywhere between 10.5% and 12.6%, although a worsening epidemiological situation suggests that things could get even worse. According to statistics, the Spanish economy is invested in regularly by other nations; ranking seventh in that category among other countries. A decline of 12.8% makes any other crisis seem small by comparison. Examples of Spanish companies doing well in this regard include: Over the past two decades, Spain has invested heavily in infrastructure, including highways, rails, airports and seaports. Greece, after an anticipated economic contraction of 8.2% this year, expects to rebound with 7.5% growth next year. In terms of the number of visitors each year, Spain ranks third worldwide and second internationally in the amount of money spent per visitor. About 5.2 million people in Spain, including nearly 4.8 million residents in or around Madrid, are under restrictions on movement due to the second wave of the coronavirus pandemic. Like the economies of other well-developed countries, the economy of Spain has been greatly affected by the global economic downturn. The economic damage will take time to heal, especially in terms of public debt. Spain has the 5 largest economy in Europe. Nearly 13 percent of Spanish energy needs are covered by renewable energy sources (sun, water, wind, etc.). In recent public statements, Bank of Spain governor Pablo Hernández de Cos and European Banking Authority president José Manuel Campa warned that what began as a health crisis is now an economic crisis that could extend to the financial sector and put more than one bank up against the ropes. (AP Photo/Paul White), California Do Not Sell My Personal Information Request. This led to even more unplanned building, primarily on the periphery of several major Spanish cities, to accommodate the new workforce. In preparation for that, the government this week raised its limit on public spending by almost 54%. Diversified Economy with a Strategic Geographical Location. The capital, Madrid, is experiencing Europe's worst second wave of infections.

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