Spain to spend big to beat recession

LAST UPDATED: 13 Apr, 2010 @ 16:28
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Spain to spend big to beat recession

THE Spanish government will invest 17 billion euros in road and rail projects to create jobs and boost its recession-hit economy, announced Prime Minister Jose Luis Zapatero.

Over the next two years, the Special Infrastructure Plan will launch new passenger and freight rail projects and make improvements to the existing network.

“These projects will improve the efficiency and competitiveness of our economy, reduce transportation costs and better connect markets”

To ensure the scheme does not worsen Spain’s financial deficit, it will initially be funded by the construction companies involved.

They will then receive a share of the profits from 2014.

“These projects will improve the efficiency and competitiveness of our economy, reduce transportation costs and better connect markets,” said Zapatero.

Spain is in desperate need of new initiatives to fight its crippling unemployment rate.

It is currently at an EU high of 18.8 per cent following the collapse of its construction sector in 2008.

2 COMMENTS

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  1. A stroke of genius! What spain needs is more construction, buildings and builders along with its band mates corruption and nepotism to solve the horrendous overcrowding on the road and rail network and certainly not better education and retraining for the current batch of unemployed construction workers, modern ulitities in rural areas, a solar focused renewables sector, investment in a sustainable fishing industry or a systematic restructuring of the legal system to something where official notarised legal papers are actually worth anything like an admissible document.

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