The Organisation for Economic Cooperation and Development (OECD) has warned that Spain is likely to be one of the worst victims of the Covid-19 crisis.
The pandemic has affected the global economy with much greater force than the financial crisis of 2008. In Spain, the economic fallout has been particularly severe, with almost all sectors of commerce negatively impacted.
The OECD has predicted that the Spanish economy could shrink as much as 14.1% as a result of the crisis.
The main reason Spain has suffered economically through the crisis is because of the blow it has taken to it’s thriving tourist sector.
With tourism about the restart in Spain’s many popular holiday destinations, it is hoped that the country’s economy will be quick to bounce back once the crisis has settled.
However, with uncertainty still hanging over the chances of British tourists being allowed into Spain in the coming weeks, the country’s tourist market is likely to continue to suffer.
Savvy property investors are waiting anxiously in the wings for property prices to reflect Spain’s ailing economy.
It’s definitely worth watching this space as things are likely to become very cheap in Spain in the coming months.