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EconomyEuropeSpain


GAS PRICE CAP, RENT CONTROLS, AND AFFORDABLE FOOD: WHY SPAIN’S ECONOMY IS
BOOMING



By: Kontrast.at

Date:

July 21, 2024
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While the economy in some EU countries is stagnating and even slipping into
recession, Spain’s economy is showing rapid growth. Spain’s socialist Prime
Minister, Pedro Sánchez, has implemented government interventions to regulate
prices. This approach has kept inflation low over the past few years and
stimulated economic growth. As a result, Spain is now a driving force within the
EU and is projected to have the highest economic growth rate in the Eurozone for
2024.


PRICE CONTROLS AS A SUCCESSFUL ECONOMIC STRATEGY

Spain is one of the EU countries that has weathered the COVID-19 pandemic,
energy crisis, and inflation surge particularly well. Its economic growth in
recent years has far surpassed the EU average, and predictions for 2024 estimate
a growth rate of 2.4–2.7%, making Spain the fastest-growing economy in the
Eurozone. The Sánchez government took action during the energy crisis by
intervening in prices, which helped keep inflation consistently low. Key
measures included a gas price cap and rent controls, which helped curb price
increases. In addition, the government suspended VAT on essential food items,
helping to ease the burden of rising food costs.


IMMIGRATION AS A KEY TO SPAIN’S PROSPERITY

Another factor behind Spain’s strong economic growth is the influx of skilled
workers, particularly from Latin America. This immigration has eased the labor
shortage in sectors like technology and hospitality. New immigration policies
are expected to support this trend further.

While many European countries focus on restricting immigration, Spain has
embraced an open approach. In mid-October 2024, Sánchez presented his plans to
the Spanish Parliament, emphasizing that immigration is not only a humanitarian
issue but also essential for the country’s economic future:

> “It is necessary for the prosperity of our economy and the sustainability of
> the welfare state.”

The government plans to simplify the recognition of foreign qualifications,
introduce a new labor migration program, and reduce bureaucratic hurdles for
residence permits. At the same time, integration measures are being expanded.


LOWEST UNEMPLOYMENT RATE IN 15 YEARS

Spain’s unemployment rate skyrocketed following the financial crisis of the late
2000s. However, it has now fallen to around 11.3%, the lowest level in 15 years.
This improvement is largely due to the robust economic growth under Sánchez’s
leadership during recent crises.

Despite being high by European standards, many sectors in Spain, such as
technology and construction, are facing a shortage of skilled workers. Rural
areas, in particular, are struggling with depopulation and are finding it
increasingly difficult to maintain essential infrastructure.

> “We have elderly people who need caregivers but can’t find them. Businesses
> are looking for programmers, technicians, and builders but can’t find them.
> Rural schools need more children to avoid closing,” said Prime Minister
> Sánchez.

Sánchez also plans to ask the European Commission to bring forward the
implementation of the EU-wide migration pact to next year. Under this plan,
migrants and asylum seekers would be more evenly distributed among EU member
states based on factors like GDP and population.


SPAIN’S FINANCIAL MARKET MORE STABLE THAN FRANCE

Spain’s positive economic developments are also reflected in its financial
market. Recently, the yields on 10-year French government bonds surpassed those
of Spain for the first time. In simple terms, investors now receive a higher
return for purchasing French government bonds compared to Spanish ones,
suggesting that investors see Spain as a lower-risk country than France, the
EU’s second-largest economy.

In January 2024, Spain’s bond yields were still 0.4 percentage points higher
than France’s. During the worst of the Eurozone crisis, the difference between
Spanish and French bonds was nearly five percentage points.

 

This article was updated on October 11 to include the information that Spain
intends to focus on migration in its labor market policy in the future.

This work is licensed under the Creative Common License. It can be republished
for free, either translated or in the original language. In both cases, please
cite Kontrast / Michael Thaler as the original source/author and set a link to
this article on Scoop.me. https://thebetter.news/spain-economy-boom/ The rights
to the content remain with the original publisher.
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Kontrast.athttps://kontrast.at
The social democratic magazine Kontrast.at covers current political events, both
in Austria and in the rest of the world. We view society, state and economy from
a progressive, emancipatory point of view. Kontrast casts the gaze of social
justice on the world.




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