SPAIN FACES THE WORST ECONOMIC SITUATION IN 120 YEARS

The past year was not easy for Spain: the country reported the largest public debt in a century. Its size exceeded 1.3 trillion euros and amounted to more than 117% of the kingdom's GDP.

At the very beginning of the pandemic, many economists sounded the alarm, stating the possible large-scale negative consequences. Throughout the year, the states, balancing between the health of their citizens and the need to maintain the economy, demonstrated different models for solving one common problem.

In Spain, in particular, the pandemic hit hard on the economy – through the increased social spending and accumulated debts.

In 2020 alone, the kingdom's national debt rose by 20 % and reached the level of 1902.

Then the country lost its last colonies and experienced a political crisis.

The unconditional reason for the deterioration of the economic situation in Spain is the sharp decrease in tourist activity: the closure of borders, the cancellation of flights and calls for self-isolation could not contribute to the flow of money in the tourism sector, which is an important part of the kingdom's economy.

However, the Spaniards are far from the only ones who faced similar problems during the pandemic. United States GDP decreased by 3.5% last year - the worst record since World War II. The British authorities have even noted an economic downturn, which has not been in the country for over 300 years.

According to experts, over the past year, the growth of the national debt of all countries was 35 % higher than in 2019. At the same time, according to analysts' forecasts, the size of the national debt will only grow and this year may increase by another $ 10 trillion.