Spain minister says current crisis most complex he has seen
Spain’s Economy Minister says the current crisis in Spain is the most complex crisis he has ever experienced.17 July 2008
MADRID - Economy Minister Pedro Solbes said the current crisis is the "most complex" he has experienced because of an accumulation of different problems at the same time.
Solbes said that in addition to the housing market coming to a standstill along with a drop in private consumption - the main motors of domestic growth - Spain is also suffering from "imported" ills such as the global financial crisis, the surge in oil prices and weak growth in economic powerhouses such as the United States and Germany.
"For me, this is the most complex crisis we have ever experienced because of the number of factors that are on the table," Solbes said in an interview with local radio station Punto Radio.
The government expects GDP growth this year of under 2 percent, down from 3.8 percent in 2007. Solbes said he expects activity to recover in the second half of 2009.
Some experts say Spain risks slipping into recession in 2008. The last time it did so was in 1993.
[El Pais / Adrián Soto / Expatica]