Economic analysis of Spain

by | Sep 10, 2021 | Assignment | 0 comments

Submit a 1500 words essay on the topic Prepare an economic analysis of Spain and give advices to the business focusing on Hospitality and tourism industry. This involves having a thorough knowledge of the different factors that have influenced the present economic situation.might even backfire as reducing government spending tends to create unemployment and reduce the economic growth of the country which will bring lower tax revenues for the government.Generally governments inject money in under-performing economies and start new projects, because there is a multiplier effect which triggers growth. However in the case of the Spanish economy, with lower funds available to inject in the economy, government is cutting down its spending.It’s not easy to bring world’s 12th largest economy out of distress. Joint efforts by European Central Bank and IMF are required to ensure Spain’s economy is set afoot. The foremost need is to trigger growth and activity in the economy. it could be done through effective monetary as well as fiscal policies.In this situation hospitality businesses have an opportunity to grow very well due to a number of reasons. Firms in hospitality industry usually do not require huge capital investment like manufacturing and other industries, so the cost of startup is lower. Moreover, the exchange rate of Euro in terms of other currencies has fallen. this makes travelling and using services in Spain cheaper. So in my opinion marketing hospitality business in Spain especially tourism industry is a very lucrative option right now.Officially called the Kingdom of Spain, Spain is located in the southwestern part of Europe. It has a parliamentary form of government with the city of Madrid as its capital. It is the 51st largest country and 12th biggest economy in the world. Spain has a population of over 47 million, with 67.7% of the population comprising of working population between the ages of 15-64 years (CIA, 2012).The literacy rate is an impressive 97.9%. Spain is part of the Euro zone, and uses Euro as its currency.Gross Domestic Product (GDP) refers to the total value of goods and services produced in a country within a year. Spain’s GDP has been under pressure especially after the recent financial

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