MADRID - The coronavirus crisis has pulverised Spain’s economy, triggering its worse recession since the civil war, with the depressed state of tourism boding ill for any hopes of a swift rebound.
Figures from the National Statistics Institute showed on Friday the economy shrank a historic 18.5% in the second quarter, a drop so harsh it wiped out all the recovery the southern Europe nation had managed to build up since the global financial crisis. “Not only has the Spanish economy been one of the worst hit in the euro zone by the pandemic, it also looks set to make a much weaker recovery than its neighbours”, said analysts at Capital Economics, pointing to a disappointing start to the summer season.
“To support the recovery, it is essential to contain the new outbreaks,” Ana de la Cueva, secretary of state for the economy, said after the second quarter data was released.
Trump is bring down the worlds economy.
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