No Country for Young Men (Or Women)
Since hitting a dizzying peak of 26.9% in the first quarter of 2013, Spain’s unemployment rate has declined steadily, though it’s still the second highest in Europe after Greece. At last count, in July 2016, it was hovering around the 20% mark.
In other words, the proportion of the country’s labor force deemed to be actively looking for work has gone down from just over a quarter to one-fifth. What’s more, if recent developments are any indication, things could be about to take a turn for the worse, all over again.
Welcome to the “Worst Labor Market” on Earth
By even today’s global standards, conditions for Spanish workers (and non-workers) remain grim. According to Javier Díaz-Giménez, professor of economics at IESE Business School, Spain can justifiably “brag” of having “the worst labor market” on the planet. “It’s very hard to find labor markets that have been able to break the 20% unemployment barrier three times in the last 30 years,” he told Forbes…