Western Europe

A Peek Into Several European Countries

Spain’s Economy

imageBy: Tiffany MurrayImage

Spain is a member of the United Nations, the World Trade Organization and the International Monetary Fund. Spain joined the United Nations on December 14th, 1955. Spain’s Prime Minister, Mariano Rajoy, talked to the 67th General Assembly stating that Spain’s “commitment with the United Nations remains strong, actively participating in those initiatives that we have been supporting in the past few years because we believe that they are key to achieve the future that we desire.” Spain joined the World Trade Organization on January 1st, 1995. They are a member state of the European Union. According to tradingeconomics.com the United States average rate of productivity is 65.95, whereas Spain’s rate is 97.54. “Productivity is the real value of output produced by a unit of labor in a unit of time. It is used to measure efficiency of the economy. The indicator varies across different countries. In most cases refers to GDP produced per employed person.” Spain joined the International Monetary Fund in 1959. In The Post American World, author Fareed Zakaria wrote about the economic crises of 2008. He states the “crash of 2008 was the world’s worst financial collapse since 1929, and ushered in the worst economic slowdown since the Great Depression.” The crises hit Spain hard and the Prime Minister at the time “attempted to use spending on public works and increased unemployment benefits to address the slowdown. This, combined with the collapse of the housing market and the subsequent banking crisis, caused the budget deficit to grow rapidly.” In Broken BRIC’s: Why the Rest of Stopped Rising, author Ruchir Sharma spoke about how over the past few years many countries have been economically declining, “with the world economy heading for its worst year since 2009.” Spain is one of the countries that has been affected and has registered “substantial score declines for the second consecutive year, and the Spanish economy has fallen behind several other European economies.”





One comment on “Spain’s Economy

  1. oliviacordray
    September 9, 2013

    Who is the man in the second photo you selected? Try to engage with the images you choose.
    Pay attention to comma usage.
    Use HTML tags or rich-text feature to italicize book titles and create hyperlinks. E.g. “tradingeconomics.com” should be hyperlinked.
    Focus on integrating quotes instead of just dropping them into the text. The quote that begins “Productivity is the real value of output” isn’t integrated, and you don’t make it clear what it’s from.

    Overall good summary. But try to engage with your content. What are YOUR thoughts on these details?

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This entry was posted on September 8, 2013 by in Spain.
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