Part 5/9:
Today, Spain's economy presents a blend of opportunities and challenges. It ranks high on development indices, accompanied by a notable quality of life. However, Spain suffers from persistent high unemployment—especially among the youth—high debt-to-GDP ratios, and economic instability.
During the Great Recession, the unemployment rate surged to 25%, with youth unemployment above 40%. The country is often categorized alongside other financially struggling Southern European nations, grouped into the acronym 'PIGS' (Portugal, Italy, Greece, and Spain), a label that carries a negative stereotype of laziness. Despite these challenges, Spain thrives in certain industries, particularly tourism, agriculture, and manufacturing.