THE strong economic recovery in Spain is failing to reach wage earners.
The latest OECD report on global growth has raised concern that poverty has increased in the country despite its solid performance.
The report said: “Spain is enjoying a solid economic recovery…Although poverty has also increased mainly due to the lack of quality jobs which provide enough hours of work and adequate income.”
During Spain’s crisis, which ended in 2013, wage earners lost €77 billion in salary decreases, but so far only €33 billion has been recovered.
The report added: “It’s fundamental for Spain to get more people into the jobs market, and that the advantages of growth are shared out to a greater extent amongst the population.”
Construction and industry were the worst hit areas, neither of which have fully recovered.
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Amazing that Spain can’t get out of this mess, after all it has had a decade nearly. Allowing Rajoy back as PM was a disaster for Spain – he has no solutions. The crisis ended in 2013, so they say, yet poverty rises. Is a rise in poverty not a crisis in itself?
I believe the situation in Spain is the same as it is across the world , it is however more obvious here than in some countries . When the vast majority of wealth is held by a very small percentage of the population . Those with little money are always the first to suffer , suffer longer and be the last to recover. I agree with Fred , poverty is a crisis , especially as so many suffer when so few have wealth they and their families could never spend .