Photo: Wikimedia Commons
With the focus in Europe squarely on its debt and banking crisis, it’s easy to ignore the on the ground impact of what’s actually happening there.But the unemployment situation in Spain has gotten so bad, it’s impossible to ignore.
A quick look in, from The Guardian:
- One in five under the age of 30 is unemployed, looking for first job
- 64% of those age 16 to 19 are unemployed
- 43% of Spain’s youth, overall, are unemployed; higher than both Egypt and Tunisia
What may be most worrying is, that this highly educated generation of Spanish students are now leaving the country to pursue work.
This is worrying for multiple reasons. If Spain starts to experience a significant brain drain during the crisis, it is going to have trouble kick-starting its economy thereafter, as it won’t be able to attract international companies in need of an educated work force.
And it doesn’t appear that its unemployment problem is, in any way, a priority at the moment. Banking sector restructuring and avoiding the fate of Ireland and Greece is still front and centre, and that’s where government aid is going. The imminent ECB rate hike could also have a slowing effect on an already slow economy.
Fortunately, for Spain’s government, their youth have yet to revolt and protest in any meaningful way.
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