Unemployment May Touch New Record in Spain

The past few years have been quite difficult for Spain as it has struggled to attract funds and increase employment. The recession that took place all over the world has affected Spain significantly.

With the pursuit of increasing the funds and to save money, the government had to impose various cuts in job and budget of various sectors. However, the situation is turning to look uglier as unemployment record is set to hit a highest rank in 2013.

It is estimated that one in four people in Spain are unemployed. The situation coincides with the situation that was prevalent when Franco dictatorship ended. At that time, the unemployment rates were 25%. It is believed that by next year, the unemployment will reach 26%. Economist Silvio Peruzzo from at Nomura said, "Weaker growth than expected, coupled with austerity, could easily see unemployment hit 26% next year".

It has come to light that Greece is leading Spain in unemployment rates as the situation is graver than it was though earlier. Unemployment has left people with meager money and food. Many families are struggling to have three times meal in a day. The ongoing recession has even pushed families to stop their children from going to schools as they don't have money to pay the school fee.