Spain's Global Impact

Topics: Spain, European Union, Gross domestic product Pages: 3 (1141 words) Published: November 3, 2014

Project: Global Impact
1) The history of Spain's economy:Spain is the 5th largest economy in Europe, the World's largest producer of olive oil, and Europe's largest producer of lemons, oranges and strawberries. It is a member of the European Union, The Organization for Economic Co-operation and Development, and the World Trade Organization. Spain is It has been known to be an agricultural country, which produces a lot of wheat, barley, vegetables, grapes etc. Ironically, agriculture is not so efficient in some places due to the lack of mechanization, insufficient irrigation and soil exhaustion and erosion.
 Spain's main industries are located mostly in the regions of Madrid, Valladolid, Catalonia, Valencia, Asturias and the Basque Country. A lot of these regions produce different items from one another. For example, in Catalonia, there are large textiles, car parts, and electronic manufactures and in the Basque Country you would find the rich mineral resources such as iron, coal and zinc. Fishing on the Atlantic Coast is also a large player in Spain's economy along with agriculture, tourism, and automobile trade. 2) Recent Development of Spain's economy:Although Spain has made a considerable amount of economic progress since the end of the Spanish Civil War in 1939, it is still not as strong as most of Western Europe. This is due mostly to their large trade imbalance. The rapid pace at which Spain's economy began to redevelop is known as the "Spanish Miracle". On another note, the success that Spain went on to make after all the trouble they had economically endured proved to be unstable because a large part of their growth was related to the housing bubble. Spain's macroeconomic stability considerably weakened because of the highly inflexible labor market. This discouraged the creation of jobs. Until 2008 hit, Spain had been seen as one of the most dynamic countries of the European Union. At the time, this attracted a lot of foreign investment. The end...
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