Spain: Structural Imbalances of Economy

374
DOI: 10.20542/0131-2227-2013-3-78-87

Yu. Eremeev, Institute for Latin American Studies, Russian Academy of Sciences (ILA RAN), 21/16, B. Ordynka Str., Moscow, 115035, Russian Federation (yuriy.er@gmail.com).

Abstract. During three pre-crisis decades the dominant feature of Spain’s economic development model was the leading growth of service sector and construction. Under the economic circumstances of 1980-1990s this model proved to be enough successful. In particular, it provided a substantial growth of the living level of Spanish population. However, by mid-2000s it has been exhausted. Moreover, while being at the upward trend the nation missed the opportunity of shifting to a higher level of technological development. As a result, the accumulated disparities in its economic structure made Spain one of the focal points of the recent crisis of Eurozone. It is clear that it will take a long period for the nation to solve the urgent problems, which the prevailing part is concentrated in the sphere of government finance.

Keywords: GDP, economic structure, capital investment, modernization, economic crisis, unemployment, elasticity of investment, Spain


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For citation:
Eremeev Y. Spain: Structural Imbalances of Economy. World Eonomy and International Relations, 2013, no. 3, pp. 78-87. https://doi.org/10.20542/0131-2227-2013-3-78-87



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