UPDATE: Since we wrote and animated this video, Spain's Prime Minister Pedro Sanchez has announced he's considering resigning, blaming a “harassment and bullying operation” by his political opponents after a court launched a corruption investigation into his wife. This doesn't really affect or undermine the gist of the video, but at 4:25 we do describe Sanchez as a political "survivor", which now looks, well, a bit silly, even if it's still sort of true. Anyway, we hope you enjoyed the video nonetheless!
It's not bad aging, he has still survived the weirdest stuff, and everyone in both the right and left suspects he has some ace up his sleeve (such as announcing a fake resignation just to gather pity), we'll see
Far-right wing association is denouncing his wife with the only contributed evidences being fake news of small sensationalist online "newspapers". They even said that the allegations can be fake and thats for the judge to decide. Spanish right wing environment is just evil
In Spain today it’s difficult to progress. Salaries are low compared to supermarket prices, rents, housing, construction materials, cars and anything else. Young people over 25 still have to stay in our parents' house because we don't have money to rent or buy a house, a car (not even a second-hand one) and start a family. Spaniards are increasingly having fewer children and later. Everyone wants to be a civil servant because it’s the only way to have economic stability. There are too many taxes on everything and for self-employed people who have their own businesses there are even more. So that, added to the tedious bureaucracy, makes everything more and more obstacles to starting a business, so fewer and fewer people do it or leave the country.
That sounds the same as romania, america, basically any country has the same struggle at the same time.😂 Idk how the economy is doing well when every citizen has the same issue in every country ever.
We allow companies to pay shitty salaries. I'm a software engineer, and in my industry, same product, same value, the worker gets way much less money than others in any other country in Europe. We are turning Spain into a cheap and high skilled workers market which is a shame. That's why I'm considering leaving.
The median salary (not average, median) is 19k €/year. The cost of renting a house in big cities are between 750€ (if you're lucky) and 1600 €. So regular population is struggling with cost of living.
At least a quarter of the active population is still under minimum wage aswell. Well, this is what Europe wanted, sell us this new entrepreneurhip era as a sign of wealthy status. All being said, population might struggle to find a stable position at a job, a good wage and thus a home ownership given the prices but we're certainly not starving and we can educate ourselves, societal issues can be tackled through different perspectives, it's not everything about numbers. I care more about the lack of sovereignty on certain aspects, any population should be able to not depend on an intermediate for essential means of life because that can be used against the people to coerce them.
@@MrBlackgobbo I mean, it shouldn't be a surprise when the employment relies hugely on enterprises with medium to small budgets whereas the large companies with bigger budgets tend to seek for employment anywhere else around the globe. It all makes sense, skilled labour now it's treated as simple labour because most of the population is educated. Knowledge is now a secular thing, having a major is no longer something 'special'. This is both good and a bad thing, the believe we are all our "own enterprise" with the scarcity of capital to land projects, you can barely be an owner xD. You have both more sources to earn a living and you're also kind of forced to secure several sources of earnings. Some people have just been storing money and going back to nature to build self-sufficient communities with the modern knowledge they have, back then, they would be seen as crazy or irrational but I see some knowledgeable and interesting personalities out there, and buying land is cheaper than buying a home, they got a point actually. Many crossroads to take, revolted and reflexive times we live. Keeping the family close and not be an owner yourself, leaves you questioning why leaving the family and having a whole apartment for yourself is considered a goal when you already have a roof over your head and a stuffed stomage, why repeat the process your fathers already did, why not just continue their legacy? :) There are few but still several homeless people that doesn't even have the chance to get an education nor having a roof over their heads
@@AlejandroT34 Spain's second in Europe only after Greece on University graduates; I don't mean spending less on education but people suffers known "titulitis" but actually for nothing compared to richer countries; but instead to emigrate to these richer regions most keep within the spanish borders so they get lower paid jobs relating to their studies. Its also known most people studies low-paid related careers so just another factor to overall lower economy
The reason is simple: Spanish economy got hit the hardest with covid, if you compare it to growth from other countries before the pandemic to the expected this year you will see that the accumulated growth of spain is low
This. If you accumulate all growth from 2019 until 2023 Spain is one of the only 3 countries in all of Europe whose economy has decreased overall. Spain has taken a step forward only because it has previously taken 3 steps back.
@@motopeter2409 ...well yes, but that doesn't make much sense in context. An economy grows starting from its original state. If you are given 1p and with only that you're able to generate and get 1p then it has more merit than if you were given £100 and with that you generated £10.
And the growth doesn't seem to be anything special seeing how it's only slightly above the EU average and below many other countries. This video seems like an exaggeration
Well, as a young person living in Spain. I can tell you much of our hardworking youth earns 20-25k in their first job, with little prospects of an increase. 32k is seen as a good salary here. And day to day expenses are not that much cheaper than countries like Germany.
We are just growing more than other EU countries because we were the ones who suffered the most in 2020, our GDP fell more than 11,2% and didn't reach pre-pandemic numbers until the third trimester of *2023*, which is crazy bad compared to the rest, that not only suffered less economic and humanitarian impact but also achieved economic recovery in half of the time we took.
Do more research, please. Spain did pretty bad during the pandemic, but it was far from being the economy that was hit the worst. Spaniards have an insane inferiority complex for two full centuries already, so of course many of them think that's the case. But if you do your research, you see that's not true.
Well, it is true that Spain felt by 11,2% (more than anybody else) but it is not true that it didn’t recover its GDP level until 2023. It actually did it one year earlier by Q3-Q4 2022, by growing at a rate of 6.4 and 5.8 respectively. That is in real terms, by nominal it did even earlier. Spain’s economy is also expected to outgrow most of its European counterparts for the next years. Now we need to focus more on the quality of the growth, which it does luck balanced by trade balance, government expenditure,…..,but it needs to create better jobs and create a more professional type of working environment, also engaging with venture capital. Spain created very few highly innovative companies (spin-off, startups,….) and that’s putting a hold on its GDP.
@@RamIIRA718 the data you're giving is without adjusting to inflation, if you do, then we recovered back in October 2023. And yes, it's true, it was 11,2% not 12% my fault
Mental that economists never clocked that not letting people get paid more would reduce economic growth. If it wasn’t for nepotism these guys wouldn’t even exist
Lower wages help exports so if a country wants/needs to raise exports (in situations where imports or unemployment are high), not raising wages makes sense. Countries like china are even artificially keeping wages lower than "market value" since they're so reliant on exports, but they've been doing it for so long it seems that it's hurting them more than helping.
if your an export economy low wages are good for competitiveness but if you're a consumption based economy lower wages are bad coz you're people cant afford the shit u make
@@redhidinghood9337 Except most European nations aren't export-led economies, and other factors like TFP and transaction costs play a big role in trade competitiveness.
Have you been paying attention? At 5:26, you can see Germany posting 4.4% increase in wages vs 5.2% in Spain, yet Germany is experiencing stagnation. Higher wage growth doesn't mean economic growth. Wages CAN grow alongside GDP, but that's not a given.
economists are morons who are less useful than weather forecasters at predicting rain. I guess everyone needs to justify their university studies or whatever
@@finn_the_dog When watching on any other device that isn't mobile I suggest using the "SponsorBlock for RUclips - Skip Sponsorships" extension - you can customize it because sometimes it includes things that aren't classed as the section that it skip. Idk if that makes any sense but I tried my best to explain it
@@ArcabuzStrife The inflation make that "extra money" useless. Before that, inflation was almost zero, that's because it didn't have an increase in wage years before.
Spaniard here. Yes, recent growth has been big, but because we were one of the worst performers during covid, still falling behind were we once were. Growth statistics, while true, can be decieving without a proper context
How would you describe quality of life there in terms of earnings against the cost of living. Can a person who earns an average wage be able to comfortably sustain their rent, pay for food and live comfortably. Its reassuring to hear that the economy is growing which seems to be one of a few atm.
It never ceases to amaze me, how after all the evidence of the faults of GDP as a development metric and especially after all the talk about sustainability, how still we cannot start using any other measure of development than GDP itself. On topic - you forgot to mention that Spain already has one of the most decarbonized energy sectors already. Plus still a huge rate of youth unemployment, which could be well exploited in an era, when workforce is getting scarce. I wish all the best for Spain!
That's because there isn't a better alternative; if you want to calculate the size of an economy simply adding up all the stuff it has produced remains unbeatable.
@@pascalausensi9592 He's right thought, we do need a better system, GDP numbers is a poor indicator of the wealth and well-being of its citizens, and I think we need a system that works from the ground up, basically a system that puts pressure on improving the lower and middle classes, because the way it is with GDP numbers, it only tells you how much wealth there is in a country, it tells us very little on how that wealth is distributed, how even it is and even if it's improving the quality of life. In any case, you know it's a messed up system when a disaster like an earthquake is added as economic growth because of the rebuilding effort, because yes in the long run, that rebuilding effort could add more growth, but in the short term, it's a net loss in economic productivity, basically, that kind of thing should hurt economic growth in the short term, but the way the system works, it's added as economic growth, which is why reality and economic data is getting so distance apart from each other and why so many people are so angry in North American and Europe with voting for popularise movements, because the economic data says things are getting better but for most, the reality is that things are either stagnant or even going backwards, hence why so many vote for the likes of Trump, Brexit and the other popularise movements and that could get worse if the system doesn't start listening to the concerns of the people.
@Akam-pc5peit doesnt account for inequality And thats just one thing And its very commonly known Maybe pick up a book amd educate yourself Like typical right wing person i see you arnt very educated, so yea, pick up a book There are now many explainations for why gdp isnt a good metric PPP is way better but still not enough Just educate yourself, for the sake of yourself
@@theparamountparamount913 Spain = 1647 billion, Poland = 842 billion. Maths gives us 1647/842 = 1.96 So, Spain's economy is less than twice the size of Poland's.
@@theparamountparamount913yes and…? A country can have a bigger economy just because it has more population. It doesn’t necessarily mean it has more influence or its population is richer.
These people could pollen businesses and create service or just do honest work How do I know that ? Because that is happening in countries that did invite them Like Georgia Kazakhstan Uzbekistan Armenia Azerbaijan Like in Kazakhstan the best pizza chain is dodo pizza the owner is Russian
@@DudyMokoWelcome to the beautiful world of calling the temporary contracts “permanent-intermitent”. You just work a few months and the rest of the times you are kind of “suspended”, you don’t work, you don’t earn a salary (some of them even receive unemployement benefits), but you don’t count on the stats. Early 00’s Greece is a childish joke compared on how Spain is fooling all of you nowadays, you’ll see…
@@DudyMokobarras. Cientos de miles de puestos de trabajos maquillados en las estadísticas provistas por el estado debido a los contratos fijos discontinuos, échale un vistazo al tema en internet y probablemente tu también te indignes.
Look, I'm 23, earning minimum wage in a European country other than Spain, I will be going back to spend the next year in Spain for personal reasons, but I am just going to study and do internships as there is no incentive for me to work, the salary is way to low, renting a bedroom too expensive, inflation will catch up with whatever I try to make anyway, and at least by studying I can improve my future conditions whenever I'm able to leave Spain again. I am lucky I can live with my parents, otherwise I could not afford to pay for my studies and a place to live with all of my savings, much less with what I would make working. As sad as it makes me, Spain's economy will not be growing anytime soon, neither will politicians take care of the younger generations, as it isn't electively interesting (huge amount of pensionists in Spain), nor people that struggle to create businesses and grow the economy. I have already seen how other European countries allow their youths to independently live, that's why I am encouraging my sister, relatives, friends and girlfriend, as well as whomever asks me about moving out, as none of the dozens of friends I met here are coming back, even though we deeply miss Spain. By the way, we are not upper class, we all have different backgrounds, come from different places, most of us still struggle financially and have to work and study, as well as learn a foreign language, but believe me, we know we won't be going back to Spain for as long as we can avoid it. Spain doesn't and won't have opportunities for us.
Immigration of high and mid skill labor from Central and South America. They have the skill, provide a tax base to cover pensioners and they already speak the language. But their is a bonus. Cultural compatibility. These immigrants actually fit into Spanish society well. Truth is they would fit into any European country pretty well. The surrounding nations should take note and try to encourage the same immigrants into their countries.
The influx of people from South America is also key to the economic growth, especially for a country like Spain with low a birth rate and very high life expectancy
WTF?!! South-Americans have been invading Spain (more than 4.5 mill. not taking in account underage and kids born in Spain from sa parents) and they're almost exclusively non-skill workers and for the most part not having even elemental education, most of them are directly illiterate, they're cheap and ilegal workers for 2 years when they can get residence for no reason, and then they become part of the extremely cheap "legal" unskilled workforce who works with fake contracts where the real work hours are hidden and the salary is for the most part in black money. This kind of immigration had been destroying the country economically (not for the gpd number but for the median salary and the unemployed rate) and socially for the last 15 years.
The two reasons why the Spanish economy (where I live) has grown are the rebump of tourism, which was expected, as a consequence of the pandemic, and the Next Generation EU funds (accounting for more than half of that growth of 2%). The only reason the deficit has fallen relatively to GDP is because of inflation, as the goverment has actually increased the deficit in absolute numbers. But inflation won't help anyomre in the coming years. If you remove the tourism growth (which has nothing to do with the government) and the funds from the EU, the economy has actually fallen. The rise in wages are really nice to those who do have a job, but that rise is a consequence of jobs being destroyed elsewhere, as more restrictive policies lead to a destruction of jobs. Moreover, the government has enacted no policies that have been effective at reducing the unemployment rate. A more careful and profound investigation of the causes behind Spain's "boom" should be taken, rather than giving the public an insubstancial approach that does not really enquire into the real situation of us the Spaniards.
I think Spain needs a dictator that would literally force all the people to go to work. Same for my region of southeastern Europe. There will be no real growth until people start working their ass off.
Exactly. The EU gave Spain €70+ billion - so much money that Sanchez couldn't find projects to spend it all on in the first year (how often does a politician run out of pork barrels?). That money was funded by EU taxpayers in other countries who will be paying interest on the debt taken on by the EU. Most countries would show a hike in GDP if the numbers are looked at after a once in a century plague disrupted economic activity and €70bn was injected into the economy from outside. American growth is because the "Inflation Reduction Act" (among other things) authorized massive public spending on the backlog of infrastructure investment dating back decades - so for much the same reason that Spain's economy is getting a kick upwards, but Spanish taxpayers aren't going to have to pay for it in the future (unless Spain moves to being a net contributor to the EU, rather than a net beneficiary). And the area which has shown the most growth in jobs is civil servants - Sanchez lifted the hiring freeze that was imposed post financial crash and there are now 3.5 million civil servants (17% of the workforce), all insisting on ream after ream of paper before they grant permission for something.
@@DemosthenesKar Here in Spain they take into account only employed people when calculating wages, so raising the minimum wage forcefully rises the average wage, as the jobs whose wages fall behind the wage rise disappear or become black market
Spanish economist here. There is no strong growth in Spain. The current growth is just late recovery from the covid. It would have been very useful to show indexed level of real GDP for the last decade in Spain. It is clear that we didn't recovery the 2019 Q4 level of economic activity until 2023 Q3. More than 3,5 years with 0 growth!! Only to have a mediocre growth from that point onwards. Not to mention that tax revenue has increased 30% over that period, and so did government spending so we are still in a budget deficit!! And prices increased far more than salaries. We are in a far worse situation than our comparables, we have nothing to brag about.
No se trata de noticias falsas. Se trata de como se manipulan las estadísticas. Estas estadisticas se centran en datos muy especificos que los ciudadanos no vemos ni sentimos. Son los datos que los politicos quieren.
No es ninguna mentira, un país turístico recuperándose del shock del COVID. Eso sí, si comparas el descenso con el crecimiento posterior, no salimos ganando. Pero crecer claro que crecemos naturalmente.
Estáis teniendo en cuenta el PIB pero capita, que no sirve para compararlo en períodos de tiempo porque también depende del crecimiento demográfico, que en el caso de España, es alto por la inmigración. El PIB absoluto ha superado con creces los niveles prepandemia. Pero claro, seguís repitiendo a Rallo como loros. El momento de mayor PIB per capita en España fue la crisis del 2008, ves como no es un buen indicador? Como emigró mucha gente, subió. Ahora como inmigra mucha gente sube más lento. Pero para evaluar una economía es mucho más adecuado el PIB absoluto. Y este no para de crecer.
Q obviamente el coste de vida esta muy alto y la microeconomía de la gente no está "como una moto" como dice Sánchez, ese argumento si q es válido. Pero decir q no hemos recuperado los niveles prepandemia es simplemente MENTIRA
For me, as an spaniard, the why is doing well is by miracle. Nah now serious, those numbers are not changing our situation at all, we are still far behind
well, a lot more people that couldn't get a job now have one. unemployment rates are at its lowest since 2008. Minimum wage workers and pensioners also notice a change when they get a rise. The only thing holding back the country is housing. Thousands of empty houses in the country owned by banks and the cayetanos while most workers struggle to pay for a shared trashy apartment. that's the major problem we have and only the left is willing to do something about it
@@MarioLanzas.fuck off Why then did not you bring all these Russians and Belorussians That were running away from mobilisation or failed revolution ??? They could of open businesses create services or just do honest work and pay taxes How did I know it ? Because it happening In a countries like Georgia Kazakhstan Armenia Uzbekistan They do it theatre
@@greatvideos2008 Claro, muchísimo, pero tu problema es que piensas en presidentes como si x o y fuera mejor, cuando el problema es toda la estructura política de este país
Clearly (to me at least) Sanchez's government has done pretty well (maybe a low bar in Spanish politics) especially considering they had to deal with the massive economic hit of Covid. Clearly left leaning interventionist economic policies work. In the USA it is similar, both Biden and Sanchez accept that deregulatory trickle down laissez faire neoliberal economics do not work, they were never designed to work for ordinary people; just create ever more inequality.
Several factors for the Spanish growth. The enormous emigration of highly qualify expats from the Americas. Business men, investors, professionals (Many graduated in USA universities) fleeing the populists government and policies that are ruining the continent. A lot of hard working people willing to take any jobs that many Spaniards don't want to take (Unacceptable the unemployment figures when many Americans get a job as soon as they arrive). The incredible efforts that many Spanish companies are doing to increase their exports all over the world. The internet connection and digitalization of the whole country (It is the best connected internet country in the whole Europe). An incredible infrastructure (Considered by many the best in Europe), the biggest high speed train routes in all Europe and finally the output of renewable energies which is 53% of the output of the country with a promising future of 70% by 2030 (It could reach a 75%) Everybody talks about the tourism (It does help) but it is only 13% of the GDP of the country. I was the whole month of April there and in my region (Asturias) everything was booked up. Restaurants, coffee shops, bars everything it was packed. I would like to know where the people get the money to sustain that life style.
@@asyongmatipid2 Probably wealthy retirees would be my best guess, As long as Spain sticks with Socialism they are screwed . Government cannot create jobs thru taxation, it has not worked anywhere it has been tried. Brain Drain is a problem as well since their brightest have to go where there is opportunity . The regulations in Spain are strangling it.
The only thing that explains the reduction in Spanish public deficit is the constant and agressive increase of all sort of taxes. And yes, tourism is the reason why millions of Spaniards still eat every day.
Not true: the reduction of ratio of debt/GDP is because of an faster increase in GDP than that of the debt (debt is actually increasing, but at a lower pace). And GDP is increasing fast because prices are increasing, not because of the amount of goods and services traded.
The Spanish always ate well even before TOURISM ever existed.... Arrogant silly fool.!!...English are you ? Spain Agriculture output can feed both the SPANISH population and Half of Europe if need be..... Spain is under going a manufa cture goods Export boom. It's the 2nd, car manufacturer in the E.U. after Germany. TOURISM as HUGE as It is (World N° 1) represents ONLY 12% of Spain's anual GDP.... That GIVES the Importance of Spain's Economy which is ALREADY the E.U. 4th, BIGGEST. 😂😢😮😅😊
Wow, the timing of this video is so bad, as Sánchez has sent a letter in which he says that he will be announcing whether or not he will resign on Monday, due to corruption allegations against his wife.
@karankapoor2701 His government is quite unstable politically. In the last election him and his coalition partner sumar got 2 and 4 place in the elections by a small margin. So he got the votes of all regionalist and independentist parties to become president. And to do so, he had to ignore some of his campaign promises and do some deals despised by opposition and not liked by many of his supporters.
@@horiabalaban7968 I see what you mean, but sadly that’s unwanted immigration.. the system/nation doesn’t value immigrant labor and only seeks to intake out of moral obligation, all the while ensuring its “core” people remain prosperous. Unlike Spain which actually uses their immigration for workforce. Be it as nanny’s, hard labor, etc. More so since these are already Spanish speaking immigrants that easily “assimilate”
@@horiabalaban7968I think you’re missing the point that these immigrants are cheap but also very easily integrated due to the cultural and language ties. Not a full explanation but an interesting point nonetheless.
@@cianmcguire5647 I'm aware of that but when you have effiecient policies, that doesn't matter that much. Portugal has "integration" potential just as much as Spain yet their economy rivals the one in Romania, not its neighbour. You have to look at how Spain used cheap labour, not that they have it; because as I said, many countries also have it.
You are wrong, high wages expels from laboral market people who is not productive enough, and then that jobs also dissapear as employeer cannot pay lower wages. Inmigrant workers should be perjudicate but there are another ways to avoid higher salaries, at the end is the same salary.
Another manipulated by the left wing... That's pure propaganda. Spains economy rose because of the covid liquidity injections which are just recently taking effect. It's proven empirically and it was calculated that, if the covid financial injections took effect the year before (2021) Spains economy actually shrunk by 4,8%. Also spain has the highest unemployment rate in the EU which some regions like Andalucía with 30% unemployment. Also Spain has lost more than 500 THOUSAND companies since the left wing took over. The unemployment stats were manipulated with even 500k state apparatus not working (officially counted as: "inactive public employee's") and 500k more people with a temporary work contract, so they work just a little tiny time and the rest of the contract they don't work, but are counted as "employed". So the official statistic states that there is 11% unemployment rate but actually there is an effective unemployment rate of over 16% with tendency of more people getting unemployed. Also this happened with all the other economic statistics and those are now manipulated. Empirically proven, so it's non deniable. The government forges statistics to stay in power even forming coalitions with former official recognized terrorists
@@adolfomartin5456the wages of waiters have improved quite significantly now earning nearly 200€ more euros per month and bars and restaurants aren't closing lol, not only that but the raise in salary of shitty jobs have forced business to raise the entry salary of graduates by more than a third. So no, you are wrong
No, they didn't say that. In fact they didn't say much, knowing that this is a very sensitive issue. But, in fact, the raise of 2019 killed 100000 employments according to the bank of Spain. The thing is that, since then, inflaction has been eating that raise and now is not very different in value of what it was before 2019.
I'm on vacation in Andalusia. Restaurants are packed, stores doing brisk business, and the sights are as busy as ever. These are good days for Spain 🇪🇸 😎
These are definitely not good days for Spain. Spaniards don't want to solely depend on tourism and hostelry. What about our industry, energy sector, services or anything highly qualified?
@@pabol1000 exports were great the last two years despite pandemic and russian invasion/energy disturbances; so something is getting good afterall. Turism in Spain is king but other countries in Europe are more dependent on that and nobody is making headlines
The Med nations are quite literally economic sleeping giants, a huge tourism industry on top of that Spain and Italy also have huge engineering industry and manufacturing potential.
Southern Europe is 200 million people, population of Brazil, but with 7 trillion dollars of the GDP. Almost like 2 German economies and 3,5 times bigger than Brazilian economy. Southern Europe also got rather big gold reserves.
Not really. Southern Europe produces lots of engineers and experts, but almost all of them move to Western and Northern Euope. All that remains are pensioners, unemployed and those working in the low wage tourism sector.
@@williamduke1756Its hit or Miss, Spain is a hit or Miss, a country of enormous differences, Madrid Comunity is very, very rich, there is very high tech and there are not many places in Europe as rich as Madrid. There are other rich areas in Spain but then the rest of the country, which easily has the poorest regions in Europe, even in comparison to Eastern Europe and Balkans.
The map shown at 4:26 and 7:27 is wrong, I think. It seems to show the Schengen area (+Croatia, -Switzerland) when the video is discussing the EU. Norway isn’t in the EU and the Republic of Ireland is. Would you mind saying where the map is from or what the logic was behind which countries were highlighted?
@@JaegerDreadful definitely not a NATO map, since in that case even more countries are missing - Turkey, Bulgaria, North Macedonia, Montenegro, Albania... I just wish Bulgaria and Romania were not left out of various EU maps so often more than 15 years after we joined.
Well Spain has been the only big country taking serious action against housing crisis with the ley vivienda. It didn't work as expected but it's better than nothing. All countries have allowed so far to use housing as investment asset and it's quite difficult to revert this without a huge backlash from the middle-upper class that destroyed cities by buying and renting house after house
@@MagicShow-y4eWell, ok. Cause of the economic boom Italian GDP per capita is getting close to 40 000 dollars, while Spain now got more than 34 000 dollars of the GDP per capita nominal. For example that puts both Italy and Spain ahead of Japan and Saudi Arabia. Japan and Saudi Arabia got 33 000 dollars of the GDP per capita.
@@MagicShow-y4eGDP per capita doesn't measure wellbeing either. In the 1920s Argentina had it good but the population had living conditions no better than its neighbors
Thanks for keeping us updated! I feel sympathy and empathy for our country. low income people are suffering to survive, and I appreciate Deborah. You've helped my family with your advice. imagine investing $30,000 and receiving $95,460 after 28 days of trading.
I began investing in stocks and Def earlier this year, and it is the best choice l've ever made. My portfolio is rounding up to almost a million, and I have realized that when a stock makes it to the news. Chances are you're quite late to the party, the idea is to get in early on blue chips before it becomes public. There are lots of life changing opportunities in the market, and maximize it.
Spaniard here. Like some comments in the Italy video said, we dont feel this economic boom. Wages are still low (1500 a month is the most some people have ever earnt in high-demand sectors), rent is still expensive, food is getting more and more expensive each passing day, and dont get me started on the illegal immigration problem which cost us millions of euros each day. Best solution for most young Spaniards is to emigrate, this economic boom means nothing.
I mean, it takes time! Southern Europe has been struggling since the eurozone crises, and this shows that things are getting better, even though living standards might not improve immediately, it's better to have economic growth than not!
I've emigrated and returned to Spain. I still get calls from abroad and salaries offered in Spain are normally competitive with other countries (specially, every call I've ever gotten from the UK offers lower wages than Spain).
@@zola9535you're losing hair with your hate towards Spain's sucess....by The four times Champions of europe ⭐🇪🇦🏆🏆🏆🏆🗿🗿🗿🗿🗿sorry for making You cry Little baby
Slow economic growth is mostly due to using an outdated work and school system that doesn't apply or help these days. Then it's private companies/investors and corrupted politicians not taking accountability or being held responsible for their actions. They've become too greedy and it seems rules/laws don't apply to them like it does for the average person.
Leading unemployment rates amongst European youth. The cost of living makes independence and family creation almost fictional. The government creates more taxes than ever with worst total results for it and worst deficits expending like there's no tomorrow with worse and worse social/public services and also rampant corruption at the top of the gov. And we are supposed to be applauding cause the economy is recovering from chosen misery thanks to tourism, which brings awful jobs and some benefits, to the worst hit among the EU economies during the unconditional lockdowns?
Pedro won't resign, but you know, Economy hasn't been spoken about in the Spanish congress for months. The opposition doesn't have any reasons to atack, so they create false cases using the judicial power. Spanish democracy is what is at stake, not it's economy (atm)
It is incredible! Spaniards are always fighting against each other and blaming the other side about any possible problem. Instead of working together to improve their lovely country, they're constantly trying to destroy it... So sad! Because everyone wants to live in your country or retire there!
@@hellomycating thank you. People like the 2 above are always taking politics as soccer. Everything for their team. PSOE has been as disastrous as PP in the government and this new "Spain is growing" bullshit is just... otherworldly stupidity.
Unfortunately yes. But you will be able to tackle that, I am sure. Good to hear, Spain is doing well and I am convinced they will be doing even better in future. Also with the high rentals etc., that problem will be dealt with.
@@XanderVJ Thanks for clarifying, still it doesn’t make it any better that we are slightly outperforming other european economies that have had higher growths in the past few years. TBH I am pessimistic as I haven’t seen the implementation of any meaningful policy meant to address the structural problems Spain is facing. But it is always hard to tell what will happen, I hope I can come back at some point.
@@hellomycating Spain was the only country in the EU that in terms of GDP, on Q4 2022 had not fully recovered compared to Q4 2019. Germany was up by 4% already then while Spain was at 0%.
@@dankspain Germany IS actually far worse than Spain right now. I used to live there from 2006 to 2013, and all my friends there told me I won't recognize the country if I go back. Now, granted, the reason for that is NOT the coronavirus (they fared that one OK), but rather the war in Ukraine. Losing access to cheap Russian energy has made a HUGE number on the country, and the rest of Europe haven't really realized that yet.
A whole video dedicated to a 1.9% GDP growth. Prepandemic, the target inflation rate was 2% and even in a government finances it's debt to GDP will still grow as it's deficit is larger than it's GDP growth. Now wage growth of more than 5% is absolutely something worth considering, but take into account inflation of 3.5% or so and it's barely noticeable. Every little helps, especially in the long run but this video totally overstated the impact this really has on absolutely anything.
Maybe, but if you told the average Spaniard five years ago that Spain would be doing, at least short-term and at least regarding growth, better than Germany or other "modelic" countries (with a leftist government no less), you'd be called a delusional communist or something like that
1,9% is only the latest data. Before that Spain had 4% of growth. So this is 2% on top of the 4% of the previous years. Not something that you often see these days in a developed G20 country. Plus very significant salary growth. Spanish salaries reached 2000 euros net monthly now. With this growth Spanish GDP per capita remained ahead of the Slovenian and Czech and Estonian, that are also growing very nicely. And Spain is a country with 47 million people, which makes it's success even much harder.
Home rentals, buying homes are very very steep in spain. Economy is not doing well when people are unable to even rent a home. Prices have utterly risen in the past months and salaries are completely stagnating.
Gotta be kidding me!? youth unemployment oon the roof, lousy salaries, enterprenneurship hell, elevated taxes, spanish economy is anything but going great. Ask spanish people not just get comfortable with the data
Spain is the EU Country with the highest unemployment rate!!! and the latest growth is due to 1) we fell much more than the rest of the EU countries during the pandemic and we still have not recovered 2) the NextGen funds from the EU
I'm unsuscribing because you haven't adressed the rise in absolute poverty in Spain, that it was the last Euro country to reach pre-pandemic GDP and having the worst unemployment rate of the EU.
@@m.m.7514 We're talking about growth, not absolute numbers. The average Juan will do somewhat better in 20 years than now, if things continue the same way. The average Mateusz will do a lot better.
@@liviuadrian1101Not really, Sánchez's party is called the Socialist Party due to historical reasons (PSOE= Spanish Worker's Socialist Party) even though they are pretty centrists, so in Spanish political talk "socialism" and "socialist" usually refers to them. Only a few hyper biased conservatives believe that PSOE is communist or something close to that, and for years even social democracy has been contested for PSOE from the left (formerly Unidas Podemos, now Sumar; IU kind of always saw themselves as an amalgamate of communist identities)
Spain might be doing better than northern Europe at the moment, but it is ludicrous to say that spain is doing well. Wages are not increasing fast enough and people are still struggling
You have a wrong mind set about Spain's Economy.... The Spanish Economy has been Huge since Román times. Spain created the 1st, ever Globalisation from the 16th, Century ONWARDS.... Even the USA DOLLAR is a copy of the REAL DE A OCHO...THE SPANISH SILVER PIECES OF 8. THUS THE DOLLAR SYMBOL WHICH SHOWS THE SPANISH ROYAL JACK ( $}. THUS THINKING OF SPAIN'S ECONOMY AS SMALL SHOWS YOUR OUTRIGHT IGNORANCE IN THE MATTER...
@@madgringo9263 are you on drugs? We are not talking about antiquity nor the Siglo de Oro...😒 And no one is bashing Spain here. Get a grip on yourself lmao
GDP is no longer valid because of the wealth imbalance. Gross Income must be reduced by that made by all millionaires living in the country, before dividing by population.
Our economy is facing challenges due to uncertainties, housing issues, foreclosures, global fluctuations, and the lingering effects of the pandemic, all contributing to instability. With rising inflation, slow economic growth, and trade disruptions, it's crucial for all sectors to take immediate action to restore stability and promote growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Its a booming economy by the standards of a nation that doesn't control its own currency. Places like the US and China can use fiscal policy to stimulate their economy to a much larger degree than any European nation because they take up debt in their own currencies
The world is starting to realize that you can't get strong growth while pursuing austerity. You need the government to support demand wit expansionary fiscal policy
@@Ruzzky_Bly4t Keynes supported austerity during non-recession times. I'm arguing austerity is bad at any point in the business cycle. I find the post-Keynesian approach to be better
@@grimaffiliations3671 I'm no economist, but something tells me if governments could continue spending at a significant rate and that would benefit the economy, they would do so. Austerity is unpopular from the every-day person's perspective, as the government is usually just giving less in return while taking the same. So if a government actively scales itself back, there are probably some benefits to be earned from that. That's based more on logical reasoning than economics theory though.
@@Ruzzky_Bly4t A lot of them can, but they've been trapped into myths perpetuated by the move toward monetarism in the 80's. They now seriously underestimate what the actual limits of the governments capacity to spend are. There can some benefits to scaling back when you have a low degree of monetary sovereignty, as we see in nations that have borrowed heavily in foreign currencies or abandoned their sovereign currencies altogether. But for nations that use their own currencies and borrow exclusively in those currencies (UK, US, Japan, Australia etc) there really isn't an excuse for austerity. These countries have full control of their interest rates and never need to worry about finding the money to pay their debts. As such, the only limit on their ability to spend is the physical capacity limits of their economies. Anytime these countries are not using fiscal policy to achieve full employment, they're missing out on tremendous amounts of growth. You can imagine how bad it is when they go the opposite route and inflict austerity on their people
Why don’t you mention nominal growth? Sure Germany shrank in real terms but they had one of the highest nominal growth rates. This does increase their purchasing power outside of Germany. Holidays imports ect.
Export driven economies such as Germany are a recipe of the past and failure. Europe needs to start working on increasing consumer purchasing power within europe, instead of, as in the past, artificially keep wages low. Wages must increase and they must do so drastically
Agreed. Added bonus of having that manufacturing base and know how, is that automation (+ AI) can maintain those businesses, while allowing workers to move to different sectors that increase purchasing power
The IMF praises a country? OK, two most likely scenarios from there (they can happen concurrently or one after the other): -Impending economic crisis -Massive drop in that country's average/median standards of living The IMF loves to look at macroeconomic figures with no regard for how people actually live. It is against measures such as subsidies on specific food products that the poor are most likely to purchase.
4:55 finally Draghi and IMF/ECB understood : better wages, higher purchasing power. Plus... Idk but in developed economies, the engine of gdp is domestic consumption, not exports anymore. Of course you cannot suffocate that either but this is in all economic theory and they just pretended never to connect the dots since corporations liked to take that profit from employees' wages anyway. Even as it hurt the economy over all. Finally they learnt... Hopefully -_-
A detail on energy and gas spending. Right after the war started they introduced a mandatory 60% cut on public transport ticket prices which has seen demand soar at least where I live. I think it's one of those small policy changes (I haven't seen anyone talk about it) that has such a good impact.
If that demand was replacing car travel, it would cut the country's imports (as the marginal PT energy cost is lower than motor fuel). That is an example of "good" (economy wise) import substiution.
In theory an interesting analysis but in the end it is quite superfluous. Shallow mentions debt which is growing and no reference to the fact that the increase in internal demand is due to newly created jobs but almost half of them are public employees which are creating a long term burden for the economy, which in turn, won't help decreasing deficits and debt. The fact that Spain is one of the highest beneficiaries of the EU funds to recover from COVID crisis also has a huge impact, however the impact might not last since the money is not being spent in long term R&D which was the intended main purpose. Hopefully the growth is sustainable but, unles there is a change in the policies followed, really doubt it
And you don't mention that every country of EU has received money as part of the recovery fund. What is the point here? Can the rest of the countries get funds but not for Spain?
@@Antonio-fm4md Spain was one of the countries who most money received over the rest, and most of the positive numbers rely on that invested money. I'm saying that Spain isn't doing a great job by himself, but with europe's money.
@@pedrodscom I disagree with you. Firstly because that was the target of next generation programme. Actually that money is to start the economy up again after covid.. and that's exactly what it is doing Spain. What are the rest of the countries doing with their loans and funds? Moreover half of the gdp growth of 2023 in Spain was from tourism sector and internal demand because of the employmet's peak. The next generation investment is just starting to notice in economy... So it doesnt justifie yet the high performance in my opinion.
SPANISH Económic Prosperity began in the late 1950's when the Spanish Económic Miracle started..... Ever since to these days the Spanish Economy hasn't stop GROWING from 7% in the 1960's/70's to the actual 2.5% this very year. As things are at present due to the Ukraine War which deeped Europe into a bad Económic crisis is Spain that is PULLING the rest of the E.U.'s Economies.....
Yeah, the IMF broke the entire global south with those rules, sharply criticizing those who didn't follow them. So at some point they had to change their minds.
As a spanish, the problem is much much bigger than just 12000 millions. Our debt is 110% of GDP. We will see what happens during the next recession. We started 2008 crisis with 35% of debt.
4:275:007:25 *Why* is this entire video presenting a map of Europe that includes Norway, but excludes Romania and Bulgaria from the highlighted picture? They have *entered* the Schengen area since March first of all, even if not completely bc of sheer political blackmail from Austria - the *only* country blocking this *well-deserved* entry - but since when is that the standard for being part of 'Europe' now? Perhaps you didn't notice dears, but Ro. and Bg. are among the fastest growing economies *in Europe* this year (0:13), as they are every year. 🙂 U'r welcome
You meant EU not Europe, but other than that you are right. BTW they compare Spain to Germany and France that have 2x Spain GDP. So maybe also include Poland since it has 1/2 of Spains GDP 🤔
@@CryptoC4T Yeah, "fastest growing economies in the EU", is the correct phrasing. I was just using their terminology of "Europe" for the EU, which I also hate tbh. 🤭
Similar to the recent video about the Netherlands where the "boom" of the economy is mentioned, the numbers here are super misleading. Population of Spain has gone up with 600,000 almost in 2022 -> that was around 1,2% increase In 2023, by almost 600,000 again... so pretty similar to 1,2% in 2024, it is expected to raise by 500,000 more -> around 1% and quickly approaching 49 millions. If we talk about 1,7% for 2024, maybe it's worth mentioned that 1% it's just because there are more people in the country. Should I add inflation into all this too? Sounds like each year, people in Spain get poorer.
The work you all do on this channel is great. You have so many areas that you cover and open up important issues that give a braoder view of the headline issues that everyone is talking about. providing a growing foundtaion of issues by thinking about them more holistically.
Some economists are saying this is just post-covid recovery up to pre-covid levels (Spain haven't fully recovered until now) fuelled by debt and next-gen european funds. They predict this growth will not last.
It's such a big mistake to link gov debt with GDP. Inflation increases GDP which makes gov debt seem lower. This government has increased 68 taxes out of the 190 types of taxes we have and yet spends more than it receives, completely destroying the low and middle classes while applying high amounts of tax pressure on enterprises and nobody wants to invest here anymore. We are going to have rough times if this government keeps like this for another 7 years.
This video is a lie. How can someone say Spain is doing well? A country where in the last 2-year almost a 1 million of young workers with university and masters careers (between 22 and 30 years old) have decided to move to other countries. Spain is "growing" using only debt and more government intervention, in the last 5 years many companies have been bank corrupt. And one thing, which is a very typical mistake. Growing 10% it's nothing if the previous year you degrowth 10%. If you have 100$ and lose 10$ you have 90$, so an increase of 10% isn't considering the starting value, is considering the current. Spain has lost industry and companies. Growing means real growing. If you lose half and later you grow 50% you are not growing :) 100$ --> 50% --> 50$, 25% of 50$ is 12$, "you are growing 25% you are great", no, because we lost 50% first.
classical right wing propaganda when their politicians get investigated they call for Garantismo but when a left wing get investigated they are ready to sent him to jail without a trial
What economic boom, in a town with higher employment rates previously, I have seen 80+ shops close in the last 2 years, the food prices have increased, the wages are still very low. Spain is not thriving.
@@FrankeNamensKarimSánchez has announced he's thinking about quitting, and he's known for doing strange and risky political strategies (which is bad because he is, or at least calls himself a leftist; when Rajoy did weird stuff, it was normal politics)
Their demographics, like Italy are horrid too. They have a lot of work to do to rebalance the economy in a way that actually positions them for long term success.
Hopefully Italy can copy what has made spain successfull, their conditions should be similar enough. Drahgis speech makes a lot of sense. Wish it had been applied in the UK.
They don't mention that Spain and US are taking in a lot of immigration to boost their economies. Spain's population has increased by 2 million in the past few years while Italy has lost over a million. As a result Spain is failing to catch up in terms of per capita GDP.
Spain relies on EU money a large net BENEFACTOR, tourism, construction in it's lagging economy decades behind those of most of Europe and cheap labor. Unemployment is 2nd only to Greece and has minuscule industries of it's own. Most people can't name a Spanish brand in any industry outside less than a handful of luxury brands.
Spain has been a net contributor to the European Union since 2016. Just because it has small industries doesn't mean they don't work. Although it has companies like Zara, Telefónica, Cellnex, Iberdrola or Banco Santander that are in the top 5 of their respective sectors in Europe. I see you are very irritated with Spain. What's wrong with some Spaniard leaving your ass like the Japanese flag?
Pero que tiene que ver una cosa con la otra? Si las familias siguen perdiendo poder de consumo en todo el mundo desarrollado hace décadas. Esto no es ninguna novedad en España. Incluso, el crecimiento económico va mayoritariamente a los bolsillos de un par de billonarios. Pero ojo, las cosas se ponen aún peor cuando no hay ningún crecimiento, las empresas no invierten y los empleos faltan
A mí me parece perfecto que cueste 20, 30 0 50, siempre y cuando se mantenga la proporción al salario mínimo intacta. Es decir, si la subida de precios va ligada a una subida de salarios estamos en el buen camino. Lo que pasa es que seguimos con los mismos salarios de media que hace 20 años y nos quejamos por los precios de los productos, no de los salarios bajos. Todos los países más ricos tienen salarios altos y precios altos.
UPDATE: Since we wrote and animated this video, Spain's Prime Minister Pedro Sanchez has announced he's considering resigning, blaming a “harassment and bullying operation” by his political opponents after a court launched a corruption investigation into his wife. This doesn't really affect or undermine the gist of the video, but at 4:25 we do describe Sanchez as a political "survivor", which now looks, well, a bit silly, even if it's still sort of true. Anyway, we hope you enjoyed the video nonetheless!
It's not bad aging, he has still survived the weirdest stuff, and everyone in both the right and left suspects he has some ace up his sleeve (such as announcing a fake resignation just to gather pity), we'll see
Far-right wing association is denouncing his wife with the only contributed evidences being fake news of small sensationalist online "newspapers". They even said that the allegations can be fake and thats for the judge to decide. Spanish right wing environment is just evil
He announced his resignation on 23rd April 3024
God bless Spain
yes it does. sanchez is a corrupt and you are supporting him
He is a survivor and all this is now theater
In Spain today it’s difficult to progress. Salaries are low compared to supermarket prices, rents, housing, construction materials, cars and anything else. Young people over 25 still have to stay in our parents' house because we don't have money to rent or buy a house, a car (not even a second-hand one) and start a family. Spaniards are increasingly having fewer children and later. Everyone wants to be a civil servant because it’s the only way to have economic stability. There are too many taxes on everything and for self-employed people who have their own businesses there are even more. So that, added to the tedious bureaucracy, makes everything more and more obstacles to starting a business, so fewer and fewer people do it or leave the country.
Spanish here, can confirm. I have a small bussines (restaurant) and im going to close soon and try to find a public job.
That sounds the same as romania, america, basically any country has the same struggle at the same time.😂
Idk how the economy is doing well when every citizen has the same issue in every country ever.
as an Italian that sounds awfully familiar...
@@roccociccone597Many Italians in Spain would disagree.
We allow companies to pay shitty salaries. I'm a software engineer, and in my industry, same product, same value, the worker gets way much less money than others in any other country in Europe. We are turning Spain into a cheap and high skilled workers market which is a shame. That's why I'm considering leaving.
The median salary (not average, median) is 19k €/year. The cost of renting a house in big cities are between 750€ (if you're lucky) and 1600 €. So regular population is struggling with cost of living.
That doesnt matter so long as the IMF, WEF etc are happy
At least a quarter of the active population is still under minimum wage aswell. Well, this is what Europe wanted, sell us this new entrepreneurhip era as a sign of wealthy status. All being said, population might struggle to find a stable position at a job, a good wage and thus a home ownership given the prices but we're certainly not starving and we can educate ourselves, societal issues can be tackled through different perspectives, it's not everything about numbers. I care more about the lack of sovereignty on certain aspects, any population should be able to not depend on an intermediate for essential means of life because that can be used against the people to coerce them.
Here I saw qualified jobs, as content manager for a whole company, for just 17k/year. It's disgusting
@@MrBlackgobbo I mean, it shouldn't be a surprise when the employment relies hugely on enterprises with medium to small budgets whereas the large companies with bigger budgets tend to seek for employment anywhere else around the globe. It all makes sense, skilled labour now it's treated as simple labour because most of the population is educated. Knowledge is now a secular thing, having a major is no longer something 'special'. This is both good and a bad thing, the believe we are all our "own enterprise" with the scarcity of capital to land projects, you can barely be an owner xD. You have both more sources to earn a living and you're also kind of forced to secure several sources of earnings. Some people have just been storing money and going back to nature to build self-sufficient communities with the modern knowledge they have, back then, they would be seen as crazy or irrational but I see some knowledgeable and interesting personalities out there, and buying land is cheaper than buying a home, they got a point actually.
Many crossroads to take, revolted and reflexive times we live. Keeping the family close and not be an owner yourself, leaves you questioning why leaving the family and having a whole apartment for yourself is considered a goal when you already have a roof over your head and a stuffed stomage, why repeat the process your fathers already did, why not just continue their legacy? :)
There are few but still several homeless people that doesn't even have the chance to get an education nor having a roof over their heads
@@AlejandroT34 Spain's second in Europe only after Greece on University graduates; I don't mean spending less on education but people suffers known "titulitis" but actually for nothing compared to richer countries; but instead to emigrate to these richer regions most keep within the spanish borders so they get lower paid jobs relating to their studies. Its also known most people studies low-paid related careers so just another factor to overall lower economy
The reason is simple: Spanish economy got hit the hardest with covid, if you compare it to growth from other countries before the pandemic to the expected this year you will see that the accumulated growth of spain is low
This. If you accumulate all growth from 2019 until 2023 Spain is one of the only 3 countries in all of Europe whose economy has decreased overall. Spain has taken a step forward only because it has previously taken 3 steps back.
So true
percentages by itself always misleading. 1pence increase over 1pence is 100%. 10pounds over 100pound only 10%. which do you prefer
@@motopeter2409 ...well yes, but that doesn't make much sense in context. An economy grows starting from its original state. If you are given 1p and with only that you're able to generate and get 1p then it has more merit than if you were given £100 and with that you generated £10.
@@_MrMoney That is completely false. Spain's economy in 2022 was already larger than in 2019. You just have to look at the data from eurostat.
The growth is basically rebuilding the 2010s era economics. Growth at rock bottom is growth but nobody calls your economy strong
And the growth doesn't seem to be anything special seeing how it's only slightly above the EU average and below many other countries. This video seems like an exaggeration
its not even growth
as GDP - inflation still minus so the real growth is minus not plus
Pedro trying to clean up Mariano's mess.
so you know better than the imf , you shoudl aapply fro a job there
@@GiorgioAltavillaMasia imf is a joke
Well, as a young person living in Spain. I can tell you much of our hardworking youth earns 20-25k in their first job, with little prospects of an increase. 32k is seen as a good salary here. And day to day expenses are not that much cheaper than countries like Germany.
Agree with each word. Can't see any growth behind small salary's...
32k is a good salary? Damn, I'm retiring in Spain.
@@aldodelacruz4996 Why do you think half the retired germans live in Spain?
Its considered a good salary because it is, unless you live in Mad/Bar 32k is great here
@@DCCXXV I'm just trying to put this into perspective across other salaries at other European countries :)
We are just growing more than other EU countries because we were the ones who suffered the most in 2020, our GDP fell more than 11,2% and didn't reach pre-pandemic numbers until the third trimester of *2023*, which is crazy bad compared to the rest, that not only suffered less economic and humanitarian impact but also achieved economic recovery in half of the time we took.
Do more research, please. Spain did pretty bad during the pandemic, but it was far from being the economy that was hit the worst.
Spaniards have an insane inferiority complex for two full centuries already, so of course many of them think that's the case. But if you do your research, you see that's not true.
Well, it is true that Spain felt by 11,2% (more than anybody else) but it is not true that it didn’t recover its GDP level until 2023. It actually did it one year earlier by Q3-Q4 2022, by growing at a rate of 6.4 and 5.8 respectively. That is in real terms, by nominal it did even earlier. Spain’s economy is also expected to outgrow most of its European counterparts for the next years. Now we need to focus more on the quality of the growth, which it does luck balanced by trade balance, government expenditure,…..,but it needs to create better jobs and create a more professional type of working environment, also engaging with venture capital. Spain created very few highly innovative companies (spin-off, startups,….) and that’s putting a hold on its GDP.
@@RamIIRA718 the data you're giving is without adjusting to inflation, if you do, then we recovered back in October 2023. And yes, it's true, it was 11,2% not 12% my fault
@@sxxrpientes5512 Nope, even accounting for inflation the economy reached 2019 levels by the end of 2022
Finally some sense. This creator is missing the wood for the trees.
Mental that economists never clocked that not letting people get paid more would reduce economic growth. If it wasn’t for nepotism these guys wouldn’t even exist
Lower wages help exports so if a country wants/needs to raise exports (in situations where imports or unemployment are high), not raising wages makes sense.
Countries like china are even artificially keeping wages lower than "market value" since they're so reliant on exports, but they've been doing it for so long it seems that it's hurting them more than helping.
if your an export economy low wages are good for competitiveness but if you're a consumption based economy lower wages are bad coz you're people cant afford the shit u make
@@redhidinghood9337 Except most European nations aren't export-led economies, and other factors like TFP and transaction costs play a big role in trade competitiveness.
Have you been paying attention? At 5:26, you can see Germany posting 4.4% increase in wages vs 5.2% in Spain, yet Germany is experiencing stagnation.
Higher wage growth doesn't mean economic growth. Wages CAN grow alongside GDP, but that's not a given.
economists are morons who are less useful than weather forecasters at predicting rain. I guess everyone needs to justify their university studies or whatever
Can you not lower the jingle volume?
Volume is unbalanced
I agree that the jingle is a bit loud when compared to the rest of the audio in the video
@@mrkalaspuff_3866AI ass comment
I always try to time it to skip, It has become a little game with myself. But I would apriciate a timestamp or lowering the volume
@@finn_the_dog 🤣🤣🤣
@@finn_the_dog When watching on any other device that isn't mobile I suggest using the "SponsorBlock for RUclips - Skip Sponsorships" extension - you can customize it because sometimes it includes things that aren't classed as the section that it skip. Idk if that makes any sense but I tried my best to explain it
As a Spaniard I can tell you the economy is definitely not booming.
And I have huge doubts it is even growing.
i hate sanchez but minimum wage going 700 to 1050 is nice
@ArcabuzStrife that's what create a inflation .prin too much
money = inflation.
@@ArcabuzStrife thats not good brother
rodrigomdlh5240 Really? Raising the mínimum wage to keep up with inflation is not good? That’s conservatives for you everybody.
@@ArcabuzStrife The inflation make that "extra money" useless. Before that, inflation was almost zero, that's because it didn't have an increase in wage years before.
Spaniard here. Yes, recent growth has been big, but because we were one of the worst performers during covid, still falling behind were we once were. Growth statistics, while true, can be decieving without a proper context
How would you describe quality of life there in terms of earnings against the cost of living.
Can a person who earns an average wage be able to comfortably sustain their rent, pay for food and live comfortably.
Its reassuring to hear that the economy is growing which seems to be one of a few atm.
It never ceases to amaze me, how after all the evidence of the faults of GDP as a development metric and especially after all the talk about sustainability, how still we cannot start using any other measure of development than GDP itself. On topic - you forgot to mention that Spain already has one of the most decarbonized energy sectors already. Plus still a huge rate of youth unemployment, which could be well exploited in an era, when workforce is getting scarce. I wish all the best for Spain!
That's because there isn't a better alternative; if you want to calculate the size of an economy simply adding up all the stuff it has produced remains unbeatable.
@@pascalausensi9592 He's right thought, we do need a better system, GDP numbers is a poor indicator of the wealth and well-being of its citizens, and I think we need a system that works from the ground up, basically a system that puts pressure on improving the lower and middle classes, because the way it is with GDP numbers, it only tells you how much wealth there is in a country, it tells us very little on how that wealth is distributed, how even it is and even if it's improving the quality of life.
In any case, you know it's a messed up system when a disaster like an earthquake is added as economic growth because of the rebuilding effort, because yes in the long run, that rebuilding effort could add more growth, but in the short term, it's a net loss in economic productivity, basically, that kind of thing should hurt economic growth in the short term, but the way the system works, it's added as economic growth, which is why reality and economic data is getting so distance apart from each other and why so many people are so angry in North American and Europe with voting for popularise movements, because the economic data says things are getting better but for most, the reality is that things are either stagnant or even going backwards, hence why so many vote for the likes of Trump, Brexit and the other popularise movements and that could get worse if the system doesn't start listening to the concerns of the people.
@Akam-pc5peit doesnt account for inequality
And thats just one thing
And its very commonly known
Maybe pick up a book amd educate yourself
Like typical right wing person i see you arnt very educated, so yea, pick up a book
There are now many explainations for why gdp isnt a good metric
PPP is way better but still not enough
Just educate yourself, for the sake of yourself
@Akam-pc5peoh and by education i mean actual books
And not q-anon conspiracy theories
And TLDR is one of the worst channels on RUclips when it comes to blowing the trumpet of GDP.
Poland with 3% - I am nothing to you ?
Poland's economy is 3 time smaller than Spain's.
@@theparamountparamount913 Spain = 1647 billion, Poland = 842 billion.
Maths gives us 1647/842 = 1.96 So, Spain's economy is less than twice the size of Poland's.
Rooting for Poland and Spain 👍
@@theparamountparamount913yes and…? A country can have a bigger economy just because it has more population. It doesn’t necessarily mean it has more influence or its population is richer.
@@hanielcavalcante6048 but in this case, actually Spain is bigger, richer, and more influential than Poland. So what's the point?
Vive l'Espagne.🇪🇸🇪🇺
¡Viva España!
Pourquoi?
supprime le drapeau ue
Merci!
Que lache
Huge unemployment and lots of spanish engineers working abroad. That has not changed at all for the last 30 years.
These people could pollen businesses and create service or just do honest work
How do I know that ? Because that is happening in countries that did invite them
Like Georgia
Kazakhstan
Uzbekistan
Armenia
Azerbaijan
Like in Kazakhstan the best pizza chain is dodo pizza the owner is Russian
@@allenk6373 ''dodo pizza the owner is Russian...'' I assume this person fled Putin's Russia and isn't a Ukraine war supporting ''Z Head''
That has not changed at all for the last 30 years????????? Unemployment is more than half what it was some years ago! You're talking out of your ass!
@@DudyMokoWelcome to the beautiful world of calling the temporary contracts “permanent-intermitent”. You just work a few months and the rest of the times you are kind of “suspended”, you don’t work, you don’t earn a salary (some of them even receive unemployement benefits), but you don’t count on the stats.
Early 00’s Greece is a childish joke compared on how Spain is fooling all of you nowadays, you’ll see…
@@DudyMokobarras.
Cientos de miles de puestos de trabajos maquillados en las estadísticas provistas por el estado debido a los contratos fijos discontinuos, échale un vistazo al tema en internet y probablemente tu también te indignes.
Look, I'm 23, earning minimum wage in a European country other than Spain, I will be going back to spend the next year in Spain for personal reasons, but I am just going to study and do internships as there is no incentive for me to work, the salary is way to low, renting a bedroom too expensive, inflation will catch up with whatever I try to make anyway, and at least by studying I can improve my future conditions whenever I'm able to leave Spain again. I am lucky I can live with my parents, otherwise I could not afford to pay for my studies and a place to live with all of my savings, much less with what I would make working.
As sad as it makes me, Spain's economy will not be growing anytime soon, neither will politicians take care of the younger generations, as it isn't electively interesting (huge amount of pensionists in Spain), nor people that struggle to create businesses and grow the economy.
I have already seen how other European countries allow their youths to independently live, that's why I am encouraging my sister, relatives, friends and girlfriend, as well as whomever asks me about moving out, as none of the dozens of friends I met here are coming back, even though we deeply miss Spain.
By the way, we are not upper class, we all have different backgrounds, come from different places, most of us still struggle financially and have to work and study, as well as learn a foreign language, but believe me, we know we won't be going back to Spain for as long as we can avoid it.
Spain doesn't and won't have opportunities for us.
Immigration of high and mid skill labor from Central and South America. They have the skill, provide a tax base to cover pensioners and they already speak the language. But their is a bonus. Cultural compatibility. These immigrants actually fit into Spanish society well. Truth is they would fit into any European country pretty well. The surrounding nations should take note and try to encourage the same immigrants into their countries.
Totally
100% and yet right wing parties can't help but be racist against these populations, they're so dumb
Agree
The influx of people from South America is also key to the economic growth, especially for a country like Spain with low a birth rate and very high life expectancy
WTF?!! South-Americans have been invading Spain (more than 4.5 mill. not taking in account underage and kids born in Spain from sa parents) and they're almost exclusively non-skill workers and for the most part not having even elemental education, most of them are directly illiterate, they're cheap and ilegal workers for 2 years when they can get residence for no reason, and then they become part of the extremely cheap "legal" unskilled workforce who works with fake contracts where the real work hours are hidden and the salary is for the most part in black money. This kind of immigration had been destroying the country economically (not for the gpd number but for the median salary and the unemployed rate) and socially for the last 15 years.
The two reasons why the Spanish economy (where I live) has grown are the rebump of tourism, which was expected, as a consequence of the pandemic, and the Next Generation EU funds (accounting for more than half of that growth of 2%). The only reason the deficit has fallen relatively to GDP is because of inflation, as the goverment has actually increased the deficit in absolute numbers. But inflation won't help anyomre in the coming years. If you remove the tourism growth (which has nothing to do with the government) and the funds from the EU, the economy has actually fallen. The rise in wages are really nice to those who do have a job, but that rise is a consequence of jobs being destroyed elsewhere, as more restrictive policies lead to a destruction of jobs. Moreover, the government has enacted no policies that have been effective at reducing the unemployment rate. A more careful and profound investigation of the causes behind Spain's "boom" should be taken, rather than giving the public an insubstancial approach that does not really enquire into the real situation of us the Spaniards.
I think Spain needs a dictator that would literally force all the people to go to work. Same for my region of southeastern Europe. There will be no real growth until people start working their ass off.
Exactly. The EU gave Spain €70+ billion - so much money that Sanchez couldn't find projects to spend it all on in the first year (how often does a politician run out of pork barrels?). That money was funded by EU taxpayers in other countries who will be paying interest on the debt taken on by the EU. Most countries would show a hike in GDP if the numbers are looked at after a once in a century plague disrupted economic activity and €70bn was injected into the economy from outside.
American growth is because the "Inflation Reduction Act" (among other things) authorized massive public spending on the backlog of infrastructure investment dating back decades - so for much the same reason that Spain's economy is getting a kick upwards, but Spanish taxpayers aren't going to have to pay for it in the future (unless Spain moves to being a net contributor to the EU, rather than a net beneficiary).
And the area which has shown the most growth in jobs is civil servants - Sanchez lifted the hiring freeze that was imposed post financial crash and there are now 3.5 million civil servants (17% of the workforce), all insisting on ream after ream of paper before they grant permission for something.
Perfect explanation man.
Wages don't grow if jobs are destroyed, in fact they would become less.
@@DemosthenesKar Here in Spain they take into account only employed people when calculating wages, so raising the minimum wage forcefully rises the average wage, as the jobs whose wages fall behind the wage rise disappear or become black market
Spanish economist here. There is no strong growth in Spain. The current growth is just late recovery from the covid. It would have been very useful to show indexed level of real GDP for the last decade in Spain. It is clear that we didn't recovery the 2019 Q4 level of economic activity until 2023 Q3. More than 3,5 years with 0 growth!! Only to have a mediocre growth from that point onwards. Not to mention that tax revenue has increased 30% over that period, and so did government spending so we are still in a budget deficit!! And prices increased far more than salaries. We are in a far worse situation than our comparables, we have nothing to brag about.
I’m Spanish and I don’t think Spain is doing that great… I’m not going to call it “fake news” because I respect that channel.
No se trata de noticias falsas. Se trata de como se manipulan las estadísticas.
Estas estadisticas se centran en datos muy especificos que los ciudadanos no vemos ni sentimos. Son los datos que los politicos quieren.
No es ninguna mentira, un país turístico recuperándose del shock del COVID. Eso sí, si comparas el descenso con el crecimiento posterior, no salimos ganando. Pero crecer claro que crecemos naturalmente.
Estáis teniendo en cuenta el PIB pero capita, que no sirve para compararlo en períodos de tiempo porque también depende del crecimiento demográfico, que en el caso de España, es alto por la inmigración. El PIB absoluto ha superado con creces los niveles prepandemia. Pero claro, seguís repitiendo a Rallo como loros. El momento de mayor PIB per capita en España fue la crisis del 2008, ves como no es un buen indicador? Como emigró mucha gente, subió. Ahora como inmigra mucha gente sube más lento. Pero para evaluar una economía es mucho más adecuado el PIB absoluto. Y este no para de crecer.
Tiene q venir un extranjero a explicaros nuestro país, vivís en un mundo paralelo
Q obviamente el coste de vida esta muy alto y la microeconomía de la gente no está "como una moto" como dice Sánchez, ese argumento si q es válido. Pero decir q no hemos recuperado los niveles prepandemia es simplemente MENTIRA
4:26 this map looks wrong....
RIP Ireland, Bulgaria and Romania. They must've left the EU the exact moment this video was released.
They put schengen map instead of eu
@@9_9876 thought so as well, but then Switzerland would have been included, so just a random map xd
@@9_9876Then fuck Switzerland, I guess?
@@tadaspintveris Oh, Switzerland is in Schengen? 🤔 Then *what* is this map?
For me, as an spaniard, the why is doing well is by miracle. Nah now serious, those numbers are not changing our situation at all, we are still far behind
well, a lot more people that couldn't get a job now have one. unemployment rates are at its lowest since 2008. Minimum wage workers and pensioners also notice a change when they get a rise. The only thing holding back the country is housing. Thousands of empty houses in the country owned by banks and the cayetanos while most workers struggle to pay for a shared trashy apartment. that's the major problem we have and only the left is willing to do something about it
@@MarioLanzas.fuck off
Why then did not you bring all these Russians and Belorussians
That were running away from mobilisation or failed revolution
???
They could of open businesses create services or just do honest work and pay taxes
How did I know it ? Because it happening
In a countries like Georgia
Kazakhstan
Armenia
Uzbekistan
They do it theatre
I wonder if you complained when Rajoy was in charge and things were much much worse.
@@greatvideos2008 Claro, muchísimo, pero tu problema es que piensas en presidentes como si x o y fuera mejor, cuando el problema es toda la estructura política de este país
Clearly (to me at least) Sanchez's government has done pretty well (maybe a low bar in Spanish politics) especially considering they had to deal with the massive economic hit of Covid. Clearly left leaning interventionist economic policies work. In the USA it is similar, both Biden and Sanchez accept that deregulatory trickle down laissez faire neoliberal economics do not work, they were never designed to work for ordinary people; just create ever more inequality.
Several factors for the Spanish growth. The enormous emigration of highly qualify expats from the Americas. Business men, investors, professionals (Many graduated in USA universities) fleeing the populists government and policies that are ruining the continent. A lot of hard working people willing to take any jobs that many Spaniards don't want to take (Unacceptable the unemployment figures when many Americans get a job as soon as they arrive). The incredible efforts that many Spanish companies are doing to increase their exports all over the world. The internet connection and digitalization of the whole country (It is the best connected internet country in the whole Europe). An incredible infrastructure (Considered by many the best in Europe), the biggest high speed train routes in all Europe and finally the output of renewable energies which is 53% of the output of the country with a promising future of 70% by 2030 (It could reach a 75%) Everybody talks about the tourism (It does help) but it is only 13% of the GDP of the country. I was the whole month of April there and in my region (Asturias) everything was booked up. Restaurants, coffee shops, bars everything it was packed. I would like to know where the people get the money to sustain that life style.
Must be from living at home with their parents. 😂😂😂😂😂
Maybe it was packed with foreigners/tourists or Spaniards working in richer countries in Europe and spending their vacation in Spain.
@@asyongmatipid2 Probably wealthy retirees would be my best guess, As long as Spain sticks with Socialism they are screwed . Government cannot create jobs thru taxation, it has not worked anywhere it has been tried. Brain Drain is a problem as well since their brightest have to go where there is opportunity . The regulations in Spain are strangling it.
Great news 🇪🇸 love ❤ from Latvia 🇱🇻
Paldies!
The only thing that explains the reduction in Spanish public deficit is the constant and agressive increase of all sort of taxes. And yes, tourism is the reason why millions of Spaniards still eat every day.
Bingo
Also, the reduction in public debt is just lowering because of an increase in GDP, not because we have a budget surplus hahahaha
Not true: the reduction of ratio of debt/GDP is because of an faster increase in GDP than that of the debt (debt is actually increasing, but at a lower pace). And GDP is increasing fast because prices are increasing, not because of the amount of goods and services traded.
The Spanish always ate well even before TOURISM ever existed....
Arrogant silly fool.!!...English are you ?
Spain Agriculture output can feed both the SPANISH population and Half of Europe if need be.....
Spain is under going a manufa cture goods Export boom.
It's the 2nd, car manufacturer in the E.U. after Germany.
TOURISM as HUGE as It is (World N° 1) represents ONLY 12% of Spain's anual GDP....
That GIVES the Importance of Spain's Economy which is ALREADY the E.U. 4th, BIGGEST.
😂😢😮😅😊
@@javieralmogueragarcia8691 literalmente xd
Wow, the timing of this video is so bad, as Sánchez has sent a letter in which he says that he will be announcing whether or not he will resign on Monday, due to corruption allegations against his wife.
But didn't he got elected recently
And where's the context with spains economy?
Also Pedro Sanchez himself isn't corrupt, so I don't understand why he should resign
Also there is no evidence that his wife is either. At least none was presented to the public so far
@karankapoor2701 His government is quite unstable politically. In the last election him and his coalition partner sumar got 2 and 4 place in the elections by a small margin. So he got the votes of all regionalist and independentist parties to become president. And to do so, he had to ignore some of his campaign promises and do some deals despised by opposition and not liked by many of his supporters.
@@karankapoor2701 There is a media campaign against him.
One word: Immigration
Spain has access to an immense amount of cheap overseas labor (Latin America) with many migrating to the country.
Germany has much immigration too, Austria and belgium also. I don't think it's that relevant.
@@horiabalaban7968 I see what you mean, but sadly that’s unwanted immigration.. the system/nation doesn’t value immigrant labor and only seeks to intake out of moral obligation, all the while ensuring its “core” people remain prosperous. Unlike Spain which actually uses their immigration for workforce. Be it as nanny’s, hard labor, etc. More so since these are already Spanish speaking immigrants that easily “assimilate”
@@horiabalaban7968I think you’re missing the point that these immigrants are cheap but also very easily integrated due to the cultural and language ties. Not a full explanation but an interesting point nonetheless.
doesnt make immigration good . Even if it boosts economy
@@cianmcguire5647 I'm aware of that but when you have effiecient policies, that doesn't matter that much. Portugal has "integration" potential just as much as Spain yet their economy rivals the one in Romania, not its neighbour.
You have to look at how Spain used cheap labour, not that they have it; because as I said, many countries also have it.
It ain't much but it's honest work
The PP fought tooth and nail to not raise thr minimum wage, saying that it would kill the economy.
It turns out to be the opposite, what a surprise.
You are wrong, high wages expels from laboral market people who is not productive enough, and then that jobs also dissapear as employeer cannot pay lower wages. Inmigrant workers should be perjudicate but there are another ways to avoid higher salaries, at the end is the same salary.
Another manipulated by the left wing... That's pure propaganda. Spains economy rose because of the covid liquidity injections which are just recently taking effect. It's proven empirically and it was calculated that, if the covid financial injections took effect the year before (2021) Spains economy actually shrunk by 4,8%. Also spain has the highest unemployment rate in the EU which some regions like Andalucía with 30% unemployment. Also Spain has lost more than 500 THOUSAND companies since the left wing took over. The unemployment stats were manipulated with even 500k state apparatus not working (officially counted as: "inactive public employee's") and 500k more people with a temporary work contract, so they work just a little tiny time and the rest of the contract they don't work, but are counted as "employed". So the official statistic states that there is 11% unemployment rate but actually there is an effective unemployment rate of over 16% with tendency of more people getting unemployed. Also this happened with all the other economic statistics and those are now manipulated. Empirically proven, so it's non deniable. The government forges statistics to stay in power even forming coalitions with former official recognized terrorists
@@adolfomartin5456the wages of waiters have improved quite significantly now earning nearly 200€ more euros per month and bars and restaurants aren't closing lol, not only that but the raise in salary of shitty jobs have forced business to raise the entry salary of graduates by more than a third. So no, you are wrong
It is not always obvious that increasing the minimum wage is beneficial, otherwise, why stop at X%?
No, they didn't say that. In fact they didn't say much, knowing that this is a very sensitive issue. But, in fact, the raise of 2019 killed 100000 employments according to the bank of Spain. The thing is that, since then, inflaction has been eating that raise and now is not very different in value of what it was before 2019.
I'm on vacation in Andalusia. Restaurants are packed, stores doing brisk business, and the sights are as busy as ever. These are good days for Spain 🇪🇸 😎
These are definitely not good days for Spain. Spaniards don't want to solely depend on tourism and hostelry.
What about our industry, energy sector, services or anything highly qualified?
@@pabol1000 exports were great the last two years despite pandemic and russian invasion/energy disturbances; so something is getting good afterall. Turism in Spain is king but other countries in Europe are more dependent on that and nobody is making headlines
The Med nations are quite literally economic sleeping giants, a huge tourism industry on top of that Spain and Italy also have huge engineering industry and manufacturing potential.
Southern Europe is 200 million people, population of Brazil, but with 7 trillion dollars of the GDP. Almost like 2 German economies and 3,5 times bigger than Brazilian economy. Southern Europe also got rather big gold reserves.
Not really. Southern Europe produces lots of engineers and experts, but almost all of them move to Western and Northern Euope. All that remains are pensioners, unemployed and those working in the low wage tourism sector.
@@williamduke1756Its hit or Miss, Spain is a hit or Miss, a country of enormous differences, Madrid Comunity is very, very rich, there is very high tech and there are not many places in Europe as rich as Madrid. There are other rich areas in Spain but then the rest of the country, which easily has the poorest regions in Europe, even in comparison to Eastern Europe and Balkans.
False
@@pedrorequio5515false...
Trickle up economics are clearly better than trickle down.
The map shown at 4:26 and 7:27 is wrong, I think. It seems to show the Schengen area (+Croatia, -Switzerland) when the video is discussing the EU. Norway isn’t in the EU and the Republic of Ireland is. Would you mind saying where the map is from or what the logic was behind which countries were highlighted?
Probably a NATO map. But then the UK is missing too so idk man.
@@JaegerDreadful definitely not a NATO map, since in that case even more countries are missing - Turkey, Bulgaria, North Macedonia, Montenegro, Albania... I just wish Bulgaria and Romania were not left out of various EU maps so often more than 15 years after we joined.
Spaniard here. The good economy is offset by rent increasing day by day and some of the most stupid politicians in Europe
It would seem like you don’t know all that much about european politicians 😂
Try the Balkans mate
As a fellow Spaniards: Stupid politicians seize power because of the vote of stupid people. It’s called “Democracy”
Well Spain has been the only big country taking serious action against housing crisis with the ley vivienda. It didn't work as expected but it's better than nothing. All countries have allowed so far to use housing as investment asset and it's quite difficult to revert this without a huge backlash from the middle-upper class that destroyed cities by buying and renting house after house
@@carmineingaldi47 "serious action" by literally making everything worse 😂
4:15 Pedro Sanches is not a prime minister, he's a president.
Sánchez se escribe z y tilde
I still don't understand why GDP is still being used as a measure of economic wellbeing.
More economic activity is more GDP.
I swear if it is per capita,I may still accept it
@@MagicShow-y4eWell, ok. Cause of the economic boom Italian GDP per capita is getting close to 40 000 dollars, while Spain now got more than 34 000 dollars of the GDP per capita nominal. For example that puts both Italy and Spain ahead of Japan and Saudi Arabia. Japan and Saudi Arabia got 33 000 dollars of the GDP per capita.
@@MagicShow-y4eGDP per capita doesn't measure wellbeing either.
In the 1920s Argentina had it good but the population had living conditions no better than its neighbors
@@blazer9547 that "economic activity" can be monopolized by the 1%. It doesn't show wealth distribution
Thanks for keeping us updated! I feel sympathy
and empathy for our country. low income people
are suffering to survive, and I appreciate Deborah.
You've helped my family with your advice. imagine
investing $30,000 and receiving $95,460 after 28
days of trading.
I began investing in stocks and Def earlier
this year, and it is the best choice l've ever
made. My portfolio is rounding up to almost
a million, and I have realized that when a
stock makes it to the news. Chances are
you're quite late to the party, the idea is to
get in early on blue chips before it becomes
public. There are lots of life changing
opportunities in the market, and maximize it.
What opportunities are there in the market,
and how do l profit from it?
You can make a lot of money from the
market regardless of whether it strengthens
or crashes. The key is to be well positioned.
I would really like to know how this actually
works.
All you need is a good capital, and the
service of a professional broker, with those
your investment will most certainly produce
high yields.
Spaniard here.
Like some comments in the Italy video said, we dont feel this economic boom. Wages are still low (1500 a month is the most some people have ever earnt in high-demand sectors), rent is still expensive, food is getting more and more expensive each passing day, and dont get me started on the illegal immigration problem which cost us millions of euros each day.
Best solution for most young Spaniards is to emigrate, this economic boom means nothing.
I mean, it takes time! Southern Europe has been struggling since the eurozone crises, and this shows that things are getting better, even though living standards might not improve immediately, it's better to have economic growth than not!
And taxes are ever higher... I shudder to think what will happen when the boom is over.
It takes some time for growth to impact everyone positively
Yeah, if the economic boom only helps the top 1% it can suck my a**, and no, it doesn't trickle down, that's been debunked so many times already
I've emigrated and returned to Spain. I still get calls from abroad and salaries offered in Spain are normally competitive with other countries (specially, every call I've ever gotten from the UK offers lower wages than Spain).
The IMF wants higher wages now? I never thought it possible.
TLDR's economic boom = slightly getting minimal progress.
They're incredibly annoying with their bombastic reporting and they're losing credibility imo
Gotta get people's attention somehow
@@zola9535you're losing hair with your hate towards Spain's sucess....by The four times Champions of europe ⭐🇪🇦🏆🏆🏆🏆🗿🗿🗿🗿🗿sorry for making You cry Little baby
VIVA ESPAÑA!
Al fin una noticia que celebrar en España sin "peros", quejas o peleas cainitas, a ver si dura...
@@armintargaryen9216 celebras ser el unico pais que pudo recuperarse bien de la pandemia y se recupere 4 años despues????
@@juanantoniogomezdelpulgarg2273 Sí.
Its all inflation, when inflation ends, thats when we will know which country really had its economy secured and growing.
Slow economic growth is mostly due to using an outdated work and school system that doesn't apply or help these days. Then it's private companies/investors and corrupted politicians not taking accountability or being held responsible for their actions. They've become too greedy and it seems rules/laws don't apply to them like it does for the average person.
I put it down to high private debt levels, and rising capital income share. Certain loopholes which allow profit shifting to tax havens don't help.
Leading unemployment rates amongst European youth. The cost of living makes independence and family creation almost fictional. The government creates more taxes than ever with worst total results for it and worst deficits expending like there's no tomorrow with worse and worse social/public services and also rampant corruption at the top of the gov.
And we are supposed to be applauding cause the economy is recovering from chosen misery thanks to tourism, which brings awful jobs and some benefits, to the worst hit among the EU economies during the unconditional lockdowns?
Pedro won't resign, but you know, Economy hasn't been spoken about in the Spanish congress for months. The opposition doesn't have any reasons to atack, so they create false cases using the judicial power. Spanish democracy is what is at stake, not it's economy (atm)
It is a well established technique. After all, VOX and PP are so squeaky clean and morally whiter than white.
It is incredible! Spaniards are always fighting against each other and blaming the other side about any possible problem. Instead of working together to improve their lovely country, they're constantly trying to destroy it... So sad! Because everyone wants to live in your country or retire there!
@@hellomycating thank you. People like the 2 above are always taking politics as soccer. Everything for their team. PSOE has been as disastrous as PP in the government and this new "Spain is growing" bullshit is just... otherworldly stupidity.
Funny how you say Spanish democracy is at stake when the government's been wiping its ass with the constitution for a while now...
Unfortunately yes. But you will be able to tackle that, I am sure. Good to hear, Spain is doing well and I am convinced they will be doing even better in future. Also with the high rentals etc., that problem will be dealt with.
Have we, in Spain already caught up to the pandemic GDP levels? I’m afraid we are just catching up to other european countries
Spain caught up to pre-pandemic around last September. This is "clean growth" in that regard.
@@XanderVJ Thanks for clarifying, still it doesn’t make it any better that we are slightly outperforming other european economies that have had higher growths in the past few years. TBH I am pessimistic as I haven’t seen the implementation of any meaningful policy meant to address the structural problems Spain is facing. But it is always hard to tell what will happen, I hope I can come back at some point.
Germany is basically in recession... What are you talking about
@@hellomycating Spain was the only country in the EU that in terms of GDP, on Q4 2022 had not fully recovered compared to Q4 2019. Germany was up by 4% already then while Spain was at 0%.
@@dankspain Germany IS actually far worse than Spain right now. I used to live there from 2006 to 2013, and all my friends there told me I won't recognize the country if I go back.
Now, granted, the reason for that is NOT the coronavirus (they fared that one OK), but rather the war in Ukraine. Losing access to cheap Russian energy has made a HUGE number on the country, and the rest of Europe haven't really realized that yet.
A whole video dedicated to a 1.9% GDP growth. Prepandemic, the target inflation rate was 2% and even in a government finances it's debt to GDP will still grow as it's deficit is larger than it's GDP growth. Now wage growth of more than 5% is absolutely something worth considering, but take into account inflation of 3.5% or so and it's barely noticeable. Every little helps, especially in the long run but this video totally overstated the impact this really has on absolutely anything.
1.9% is much better then any major european economy
Maybe, but if you told the average Spaniard five years ago that Spain would be doing, at least short-term and at least regarding growth, better than Germany or other "modelic" countries (with a leftist government no less), you'd be called a delusional communist or something like that
1,9% is only the latest data. Before that Spain had 4% of growth. So this is 2% on top of the 4% of the previous years. Not something that you often see these days in a developed G20 country. Plus very significant salary growth. Spanish salaries reached 2000 euros net monthly now. With this growth Spanish GDP per capita remained ahead of the Slovenian and Czech and Estonian, that are also growing very nicely. And Spain is a country with 47 million people, which makes it's success even much harder.
Wages growing faster than inflation is better than Australia has done for a while.
Home rentals, buying homes are very very steep in spain. Economy is not doing well when people are unable to even rent a home. Prices have utterly risen in the past months and salaries are completely stagnating.
A growing economy doesn't have an impact on the standard of living in Spain.
Not immediately, but in the long run it does.😢
That's capitalism
The same in the US, UK and all other countries...
if that growth is the result of rising pensions and minimum wage, it truly does.
@@sebyst7907 Thats the oldest lie of the capital xd
I am Spanish and I can see how the country has improved in many areas in the past few years. Thanks for the video guys, you are great!
Gotta be kidding me!? youth unemployment oon the roof, lousy salaries, enterprenneurship hell, elevated taxes, spanish economy is anything but going great. Ask spanish people not just get comfortable with the data
Workers are consumers, Spain gets it.
In Spain, the youth is totally abandonned
Spain is the EU Country with the highest unemployment rate!!! and the latest growth is due to 1) we fell much more than the rest of the EU countries during the pandemic and we still have not recovered 2) the NextGen funds from the EU
Yes but in Spain unemployment is decreasing meanwhile in many countries with low unemployment like Poland there is opposite tendency
I'm from Spain... growing from 0.1 to 0.5 is still nothing when normal economies are at 5....
Good on Spain and Sanchez 🇵🇱🇪🇺♥️🇪🇸
This is a straight up lie we Spaniards aren't seeing the "boom" :)
Sorry but you seem not to have a clue of our situation rn and this video is not accurate, Sanchez is the most hated person in Spain
I'm unsuscribing because you haven't adressed the rise in absolute poverty in Spain, that it was the last Euro country to reach pre-pandemic GDP and having the worst unemployment rate of the EU.
Why won't someone do something about those shady forces? 😨
Jezz what an amazing economy growth, I'd like to get to see something like that one day...
greetings from Spain xd
Spain = 1.9% growth
Poland is like hold my vodka with 3.2% growth
Problem is that an average Juan in Madrid makes €50K a year, while an average Mateusz in Warsaw makes €17~19K.
@@m.m.7514 Nah no way, the average Juan makes around 36-38k in Madrid, not more
@@m.m.7514 We're talking about growth, not absolute numbers. The average Juan will do somewhat better in 20 years than now, if things continue the same way. The average Mateusz will do a lot better.
@@ivanbravomunoz1305 la mediana se sueldo es 19k xd
@@arnaul_de_lapras5853 eso en toda España no? Yo creo que en Madrid será algo más alta
Thanks TLDR for talking good about my country. Specially, from an english-speaking media. Not very usual.
Tldr stronger labour rights and socialism is better for the economy who would have thought
Calling PSOE socialist is a big lol
Calling Social Democracy "Socialism" is such an USA or UK moment
@@AweSean-wv3xoBut the "Frankenstein government"'s policies have been undoubtedly pro-worker and pro-regulations
@@liviuadrian1101Not really, Sánchez's party is called the Socialist Party due to historical reasons (PSOE= Spanish Worker's Socialist Party) even though they are pretty centrists, so in Spanish political talk "socialism" and "socialist" usually refers to them.
Only a few hyper biased conservatives believe that PSOE is communist or something close to that, and for years even social democracy has been contested for PSOE from the left (formerly Unidas Podemos, now Sumar; IU kind of always saw themselves as an amalgamate of communist identities)
@@liviuadrian1101 Social Democracy is the ultimate centrist policy. Both extremes hate them, arguably more than they hate their opposite extreme.
Spain might be doing better than northern Europe at the moment, but it is ludicrous to say that spain is doing well. Wages are not increasing fast enough and people are still struggling
You have a wrong mind set about Spain's Economy....
The Spanish Economy has been Huge since Román times.
Spain created the 1st, ever Globalisation from the 16th, Century ONWARDS....
Even the USA DOLLAR is a copy of the REAL DE A OCHO...THE SPANISH SILVER PIECES OF 8.
THUS THE DOLLAR SYMBOL WHICH SHOWS THE SPANISH ROYAL JACK ( $}.
THUS THINKING OF SPAIN'S ECONOMY AS SMALL SHOWS YOUR OUTRIGHT IGNORANCE IN THE MATTER...
@@madgringo9263 are you on drugs? We are not talking about antiquity nor the Siglo de Oro...😒 And no one is bashing Spain here. Get a grip on yourself lmao
GDP is no longer valid because of the wealth imbalance. Gross Income must be reduced by that made by all millionaires living in the country, before dividing by population.
As an spanish i will say that you are coping so hard...
Our economy is facing challenges due to uncertainties, housing issues, foreclosures, global fluctuations, and the lingering effects of the pandemic, all contributing to instability. With rising inflation, slow economic growth, and trade disruptions, it's crucial for all sectors to take immediate action to restore stability and promote growth.
In particular, amid inflation, investors should exercise caution when it comes to their exposure and new purchases. It is only feasible to get such high yields during a recession with the guidance of a qualified specialist or reliable counsel.
True, initially I wasn't quite impressed with my gains, opposed to my previous performances, I was doing so badly, figured I needed to diversify into better assets, I touched base with a portfolio-advisor and that same year, I pulled a net gain of 550k...that's like 7times more than I average on my own.
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings
Just research the name Stacy Lynn Staples . You’d find necessary details to work with a correspondence to set up an appointment
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
As an italian expat in Spain, rooting for this trend to continue! Go Sanchez!
You seem to have no idea, he only ruined Spain’s economy, this guy isn’t neither knowing what he’s talking about
Thanks for video.
1.9 percent being an economic boom
When you're an advanced economy it's fine. If you're a backwater, it's not
Its a booming economy by the standards of a nation that doesn't control its own currency. Places like the US and China can use fiscal policy to stimulate their economy to a much larger degree than any European nation because they take up debt in their own currencies
That's advanced economy
Public deficit is higher than that in Spain, our debt is increasing.
110% of GDP.
Warning: Every comment you read from a spanish person will be biased towards which party voted for, so read carefully.
The ROMAN economic boom
Very small detail. At 3:31 Maastricht is spelled wrong. But of course still a very very good video!
The world is starting to realize that you can't get strong growth while pursuing austerity. You need the government to support demand wit expansionary fiscal policy
Yes! But try to explain that to neoliberal ideologists like Christian Lindner (german financial minister) who still thinks austerity is a must
That's nothing new, it's just going back to the Keynesian approach.
@@Ruzzky_Bly4t Keynes supported austerity during non-recession times. I'm arguing austerity is bad at any point in the business cycle. I find the post-Keynesian approach to be better
@@grimaffiliations3671 I'm no economist, but something tells me if governments could continue spending at a significant rate and that would benefit the economy, they would do so. Austerity is unpopular from the every-day person's perspective, as the government is usually just giving less in return while taking the same. So if a government actively scales itself back, there are probably some benefits to be earned from that. That's based more on logical reasoning than economics theory though.
@@Ruzzky_Bly4t A lot of them can, but they've been trapped into myths perpetuated by the move toward monetarism in the 80's. They now seriously underestimate what the actual limits of the governments capacity to spend are. There can some benefits to scaling back when you have a low degree of monetary sovereignty, as we see in nations that have borrowed heavily in foreign currencies or abandoned their sovereign currencies altogether. But for nations that use their own currencies and borrow exclusively in those currencies (UK, US, Japan, Australia etc) there really isn't an excuse for austerity. These countries have full control of their interest rates and never need to worry about finding the money to pay their debts. As such, the only limit on their ability to spend is the physical capacity limits of their economies. Anytime these countries are not using fiscal policy to achieve full employment, they're missing out on tremendous amounts of growth. You can imagine how bad it is when they go the opposite route and inflict austerity on their people
Why don’t you mention nominal growth? Sure Germany shrank in real terms but they had one of the highest nominal growth rates. This does increase their purchasing power outside of Germany. Holidays imports ect.
Export driven economies such as Germany are a recipe of the past and failure.
Europe needs to start working on increasing consumer purchasing power within europe, instead of, as in the past, artificially keep wages low. Wages must increase and they must do so drastically
Agreed. Added bonus of having that manufacturing base and know how, is that automation (+ AI) can maintain those businesses, while allowing workers to move to different sectors that increase purchasing power
Roughly 60% of Germany's exports are within the EU.
In Spain we are still below the salary income and percapita GDP of 2008, so it is logical growing a little bit faster...
The IMF praises a country? OK, two most likely scenarios from there (they can happen concurrently or one after the other):
-Impending economic crisis
-Massive drop in that country's average/median standards of living
The IMF loves to look at macroeconomic figures with no regard for how people actually live. It is against measures such as subsidies on specific food products that the poor are most likely to purchase.
4:55 finally Draghi and IMF/ECB understood : better wages, higher purchasing power. Plus... Idk but in developed economies, the engine of gdp is domestic consumption, not exports anymore. Of course you cannot suffocate that either but this is in all economic theory and they just pretended never to connect the dots since corporations liked to take that profit from employees' wages anyway. Even as it hurt the economy over all. Finally they learnt... Hopefully -_-
A detail on energy and gas spending. Right after the war started they introduced a mandatory 60% cut on public transport ticket prices which has seen demand soar at least where I live. I think it's one of those small policy changes (I haven't seen anyone talk about it) that has such a good impact.
If that demand was replacing car travel, it would cut the country's imports (as the marginal PT energy cost is lower than motor fuel). That is an example of "good" (economy wise) import substiution.
An excellent policy. I think Germany did something similar and maybe other countries too.
In theory an interesting analysis but in the end it is quite superfluous. Shallow mentions debt which is growing and no reference to the fact that the increase in internal demand is due to newly created jobs but almost half of them are public employees which are creating a long term burden for the economy, which in turn, won't help decreasing deficits and debt. The fact that Spain is one of the highest beneficiaries of the EU funds to recover from COVID crisis also has a huge impact, however the impact might not last since the money is not being spent in long term R&D which was the intended main purpose. Hopefully the growth is sustainable but, unles there is a change in the policies followed, really doubt it
You didn't say anything about all the money UE has given to Spain as part of the recovery fund. When that ends, the prosperity will be over.
And you don't mention that every country of EU has received money as part of the recovery fund. What is the point here? Can the rest of the countries get funds but not for Spain?
@@Antonio-fm4md Spain was one of the countries who most money received over the rest, and most of the positive numbers rely on that invested money. I'm saying that Spain isn't doing a great job by himself, but with europe's money.
@@pedrodscom I disagree with you. Firstly because that was the target of next generation programme. Actually that money is to start the economy up again after covid.. and that's exactly what it is doing Spain. What are the rest of the countries doing with their loans and funds? Moreover half of the gdp growth of 2023 in Spain was from tourism sector and internal demand because of the employmet's peak. The next generation investment is just starting to notice in economy... So it doesnt justifie yet the high performance in my opinion.
@@Antonio-fm4md As you said, you disagree with me, and is your opinion. both are correct.
SPANISH Económic Prosperity began in the late 1950's when the Spanish Económic Miracle started.....
Ever since to these days the Spanish Economy hasn't stop GROWING from 7% in the 1960's/70's to the actual 2.5% this very year.
As things are at present due to the Ukraine War which deeped Europe into a bad Económic crisis is Spain that is PULLING the rest of the E.U.'s Economies.....
Yeah, the IMF broke the entire global south with those rules, sharply criticizing those who didn't follow them. So at some point they had to change their minds.
Broke ????? TLDR saying thats they are booming !
@@ivani3237 spain aint the global south because its in the south of europe..
Very well said. Love Pedro Sanchez. Hope one day he actually gets a mandate to enact some far more meaningful reforms.
Are my eyes deceiving me and am I going mad, or is Spain's economy... DOING WELL!!! I think the best explanation is we are all in the Twilight Zone.
EU just pointed out that pensión prospect handed by the spanish goverment has a 12.000 million hole
As a spanish, the problem is much much bigger than just 12000 millions.
Our debt is 110% of GDP.
We will see what happens during the next recession.
We started 2008 crisis with 35% of debt.
4:27 5:00 7:25 *Why* is this entire video presenting a map of Europe that includes Norway, but excludes Romania and Bulgaria from the highlighted picture? They have *entered* the Schengen area since March first of all, even if not completely bc of sheer political blackmail from Austria - the *only* country blocking this *well-deserved* entry - but since when is that the standard for being part of 'Europe' now?
Perhaps you didn't notice dears, but Ro. and Bg. are among the fastest growing economies *in Europe* this year (0:13), as they are every year. 🙂 U'r welcome
You meant EU not Europe, but other than that you are right. BTW they compare Spain to Germany and France that have 2x Spain GDP. So maybe also include Poland since it has 1/2 of Spains GDP 🤔
@@CryptoC4T Yeah, "fastest growing economies in the EU", is the correct phrasing. I was just using their terminology of "Europe" for the EU, which I also hate tbh. 🤭
Similar to the recent video about the Netherlands where the "boom" of the economy is mentioned, the numbers here are super misleading.
Population of Spain has gone up with 600,000 almost in 2022 -> that was around 1,2% increase
In 2023, by almost 600,000 again... so pretty similar to 1,2%
in 2024, it is expected to raise by 500,000 more -> around 1% and quickly approaching 49 millions. If we talk about 1,7% for 2024, maybe it's worth mentioned that 1% it's just because there are more people in the country.
Should I add inflation into all this too? Sounds like each year, people in Spain get poorer.
Is that economic boom with us in the room right now?
he said relative boom
The work you all do on this channel is great. You have so many areas that you cover and open up important issues that give a braoder view of the headline issues that everyone is talking about. providing a growing foundtaion of issues by thinking about them more holistically.
Some economists are saying this is just post-covid recovery up to pre-covid levels (Spain haven't fully recovered until now) fuelled by debt and next-gen european funds. They predict this growth will not last.
Efectivamente, pero no esperes gran cosa de este canal
Growth never last. It generally goes in cycles
Some economists Say exactly The opposite of your Words, ishrod....
It's such a big mistake to link gov debt with GDP. Inflation increases GDP which makes gov debt seem lower. This government has increased 68 taxes out of the 190 types of taxes we have and yet spends more than it receives, completely destroying the low and middle classes while applying high amounts of tax pressure on enterprises and nobody wants to invest here anymore. We are going to have rough times if this government keeps like this for another 7 years.
This video is a lie.
How can someone say Spain is doing well? A country where in the last 2-year almost a 1 million of young workers with university and masters careers (between 22 and 30 years old) have decided to move to other countries. Spain is "growing" using only debt and more government intervention, in the last 5 years many companies have been bank corrupt. And one thing, which is a very typical mistake. Growing 10% it's nothing if the previous year you degrowth 10%. If you have 100$ and lose 10$ you have 90$, so an increase of 10% isn't considering the starting value, is considering the current. Spain has lost industry and companies. Growing means real growing. If you lose half and later you grow 50% you are not growing :) 100$ --> 50% --> 50$, 25% of 50$ is 12$, "you are growing 25% you are great", no, because we lost 50% first.
Biased data. Looks like they have taken data from media sources, which they are all paid by government/politicians.
Come on … nothern Europe doesn’t always have to win … isn’t it? Now it’s our turn 🎊
Guess what, it isn't. LOL
"Sanchez is doing well!"
Other than the corruption scandal around his wife 😬
Yikes, I would expect a snap election soon
made up, so
His wife, but not Pedro Sanchez himself
@@FrankeNamensKarim and I heard Sanchez is deciding if he still wants to lead or not
classical right wing propaganda when their politicians get investigated they call for Garantismo but when a left wing get investigated they are ready to sent him to jail without a trial
What economic boom, in a town with higher employment rates previously, I have seen 80+ shops close in the last 2 years, the food prices have increased, the wages are still very low. Spain is not thriving.
I guess this was already on the pipeline. Yesterday's news was much more pressing than this...
No one on this world can anticipate what machiavelian plans our president has.
1st: yes, producing videos needs time
2nd: what do you mean?
@@FrankeNamensKarimSánchez has announced he's thinking about quitting, and he's known for doing strange and risky political strategies (which is bad because he is, or at least calls himself a leftist; when Rajoy did weird stuff, it was normal politics)
Their demographics, like Italy are horrid too. They have a lot of work to do to rebalance the economy in a way that actually positions them for long term success.
Hopefully Italy can copy what has made spain successfull, their conditions should be similar enough. Drahgis speech makes a lot of sense. Wish it had been applied in the UK.
They don't mention that Spain and US are taking in a lot of immigration to boost their economies. Spain's population has increased by 2 million in the past few years while Italy has lost over a million. As a result Spain is failing to catch up in terms of per capita GDP.
@Letsthinkaboutit-mb7nn She's been surprisingly pro immigration from latin america.
@Letsthinkaboutit-mb7nn I doubt many can still speak Italian. South america is good, because spanish is about as close as you can get.
Spain relies on EU money a large net BENEFACTOR, tourism, construction in it's lagging economy decades behind those of most of Europe and cheap labor. Unemployment is 2nd only to Greece and has minuscule industries of it's own. Most people can't name a Spanish brand in any industry outside less than a handful of luxury brands.
Spain has been a net contributor to the European Union since 2016. Just because it has small industries doesn't mean they don't work. Although it has companies like Zara, Telefónica, Cellnex, Iberdrola or Banco Santander that are in the top 5 of their respective sectors in Europe. I see you are very irritated with Spain. What's wrong with some Spaniard leaving your ass like the Japanese flag?
LLamadme cuando una bolsa de patatas y un par de cervezas no cuesten 10 euros a lo sumo
Pero que tiene que ver una cosa con la otra? Si las familias siguen perdiendo poder de consumo en todo el mundo desarrollado hace décadas. Esto no es ninguna novedad en España. Incluso, el crecimiento económico va mayoritariamente a los bolsillos de un par de billonarios. Pero ojo, las cosas se ponen aún peor cuando no hay ningún crecimiento, las empresas no invierten y los empleos faltan
Pues a esperar a que la guerra acabe y a que acabe medio bien, porque del mundo occidental somos de los menos perjudicados aunque suene increíble...
A mí me parece perfecto que cueste 20, 30 0 50, siempre y cuando se mantenga la proporción al salario mínimo intacta. Es decir, si la subida de precios va ligada a una subida de salarios estamos en el buen camino. Lo que pasa es que seguimos con los mismos salarios de media que hace 20 años y nos quejamos por los precios de los productos, no de los salarios bajos. Todos los países más ricos tienen salarios altos y precios altos.
@@alfrredd el socialista que mas sabe de economia (no tiene ni idea):
@@mrjaggerelvispaprica9938 más socialista es querer que el gobierno controle y baje el precio de las cervezas.
GDP per capita (PPP) is the most useful comparative metric.