Blog posts tagged by tag: Euro Area
The situation for young people is becoming less bleak, but significant challenges remain
When twenty-one-year-old Laura Avizanda graduated from a Spanish university with a degree in business last summer, she regarded the future with trepidation. Her reaction was understandable; Spain's labor market has been an extremely hostile environment for young people in recent years.
But Laura was pleasantly surprised at how quickly she found employment related to her studies. "I started looking in early September," she says. "By mid-September, I’d found a job." Her classmates have had similar experiences, she adds.
The economic situation of Spain's young people is gradually improving, as the economy continues to recover from one of the worst crises in recent history. Firms are hiring again. Youth unemployment, while still painfully high, has dropped from its 2013 peak of over 50%. The number of young people emigrating is slowly dwindling.
Holland’s fragile one-seat majority government targets economic growth at the expense of fiscal sustainability
On 26 October, 225 days since the inconclusive elections in March, a new government was finally installed by King Willem-Alexander. Incumbent Prime Minister Mark Rutte was sworn in for another term, as his People’s Party of Freedom and Democracy (VVD) joined forces with the center-right Christian Democrats (CDA), the social-liberal Democrats ’66 (D’66) and the conservative Christion Union (CU). After the longest process of government formation in Dutch history, these four parties reached a deal on 10 October to form a fragile one-seat majority; the political scene in the Netherlands had been fragmented as a result of the March elections. The coalition agreement contains major reforms to the income tax system, labor market and mortgage interest rate deductions.
On 26 October, President of Catalonia Carles Puigdemont put the decision of independence in the hands of the region's parliament. The move almost guarantees that the Spansh Senate will decide on 27 October to approve measures that will allow Spain to take complete control over the semi-autonomous region's government, as Spanish Prime Minister Mariano Rajoy's conservative party holds a majority. How this all affects the economy of both the region and the country as a whole is uncertain, however, cracks have begun to show recently as the Spain-Catalonia situation has escalated.
It’s a Friday evening in Barcelona, and just as she has done for decades, Carmen Cano is making dinner. She prepares simple, rustic fare: chicken, rice and steamed vegetables. Unfortunately, this type of healthy-but-hearty dish is becoming ever more of a rarity here.
Guest blog post by Neven Valev, Ph.D., Founder and Head of Research at www.theglobaleconomy.com.
Comparing countries is a useful exercise as it puts the national economies in global context. Whether or not a country is developed in economic and financial terms is a question that makes sense only in relative terms. This article discusses the Spanish economy as an example of how to make such an international comparison. The focus is on four key areas: economic development, financial system development, rule of law, and international trade and investment. Spain is interesting as it is a large developed economy that does, however, face challenges.
Dutch Prime Minister Mark Rutte’s liberal VVD party has won again despite losing seats, keeping the far right in a largely ineffectual position. The Netherlands is one of Europe’s best performing economies, which surely helped see reason ultimately triumph over populism after a campaign dominated by much political noise from Geert Wilders’ anti-immigration party. And yet voters still punished the outgoing coalition heavily. Rutte’s party lost about a quarter of its support and its traditional coalition partner all but collapsed, with the Green-Left party making substantial gains to emerge as an unexpected victor of the night and a potential kingmaker in coalition negotiations. On the face of it the Dutch economy is doing remarkably well, yet voters were clearly not entirely happy with the political status quo. While the Liberals do battle behind the scenes to form a working majority in the fragmented Dutch parliament, we take a look at the economic situation that the new government will inherit.
The Gross Domestic Product (GDP) in the Euro Area totaled EUR 10,404 billion in 2015 and is expected to total EUR 10,607 billion by the end of this year. Analysts expect the Eurozone economy to grow a healthy 1.5% this year and 1.6% in 2017. However, the Eurozone is still facing a number of challenges and performing below its potential. High debt levels, a fragile banking sector and a persistent lack of inflationary pressure continues to impede the recovery of many economies in the region.
See below what analysts expect the GDP of each of the Euro Area countries to be by the end of 2016 (hover over the bubbles for more information):
50 analysts surveyed by FocusEconomics expect Eurozone unemployment rate to average 10.4% this year:
How do the freshly-released IMF GDP growth forecasts compare to the FocusEconomics Consensus Forecast
The IMF has just released its biannual World Economic Outlook. Sharp downgrades were made to its growth forecasts for emerging economies, especially Brazil, Nigeria, South Africa and Russia. See how the IMF 2015 GDP growth forecasts compare to the latest consensus forecasts from the FocusEconomics’ network of the world’s leading economists.
Click the image below to enlarge
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