For the past few years we’ve been hearing a lot about the woes of the Spanish economy, its real estate sector, national debt and banks that have needed bailouts, but fortunately another picture is beginning to emerge. In the 1960s Spain emerged from recession primarily through the development of industry and tourism. By the time the country joined the European Union in 1986 it had established itself as a major manufacturer of cars, textiles, shoes, furniture and a host of other products, as well as the number one summer holiday destination in Europe. Then came a period of grand infrastructural projects financed in part by the EU, and before long the economy was driven primarily by construction of airports, roads, railway stations, shopping malls, offices and homes. It is this sector that has suffered heavily in the current economic downturn, and while it and other traditional drivers of the Spanish economy are already showing regionalised signs of recovery, many have realised that the way out of this recession is through export, innovation and entrepreneurialism. Michael Liggan of Altavista Property Spain says: “If Spain is to prosper in the coming decades it will have to prove itself on the international stage as never before, developing expertise in technology, design, luxury items and other specialised fields, and selling these products and services globally. We are only at the beginning of this restructuring of the economy, but already there are plenty of companies that are leading the way and showing how it can be done – the likes of Iberdrola, Sacyr Vallehermosa, Gamesa, Acciona, Amadeus, Indra and Grifols.” “Having invested in R&D, product development and the nurturing of both technical and commercial talent, they are now reaping the benefits in the form of important international projects. You see, Spain is already adapting to the new economic reality and moving in the right direction, so while austerity is still biting and much remains to be done there, are also a lot of green shoots coming up all around us.’ Just look at this video and you’ll see that a lot is already in motion to beat the crisis!
What is Spain doing to beat the crisis?