- Coronavirus: the perfect storm for the economy: hospitality and commerce are the sectors with the most weight and those that suffer the most from the crisis
- Coronavirus.The INE confirms the historical collapse of the GDP: it fell 5.2% until March due to the Covid-19
The so-called "social industries," that is, commerce, hospitality, and artistic and recreational activities, are "the branches of activity most affected" by the health and economic crisis that has unleashed the coronavirus pandemic. In these sectors "women and those under 35 are overrepresented ", so much so that "these industries occupy 44% of women and 48% of those under 35" and are, therefore, groups of workers most affected and the big losers of the crisis.
This is the profile drawn up by the Bank of Spain in its latest annual report, a document that affects more than one occasion that "in the sectors most affected by confinement [" social industries "], the percentage of women and youth it is higher ", while pointing out that it is precisely these groups that" have, on average, lower employment incomes than those of other workers ".
Precisely this situation could lead one to think that it is a double drama, but, according to the general director of Statistics and Economics of the BdE, Óscar Arce, it actually contains a positive part or, at least, not so negative when compared to what occurred during the previous crisis. "Without removing iron, it should be put in perspective. In 2008, many jobs were lost by construction workers who were the main recipients. Now that situation does not occur ," says Arce.
"The workers most affected by this crisis do not always live in the homes with the lowest incomes: they are not always the main income earners in their homes, " says the Bank of Spain document, adding that these workers have "less assets financial ".
In the great recession, on the other hand, many of the workers who lost their jobs were the "main recipients" of the family nucleus, as for example happened to many parents who were engaged in construction. And in addition, they presented financial assets such as mortgages or credits of different types. In other words: that many families lost their main means of income and were forced to incur credit defaults, a situation that exacerbated the financial crisis and which, for the moment, is not occurring.
According to the criteria of The Trust ProjectKnow more
- Covid 19
100 days later 27,000 euros of debt for Spanish, 20% unemployment and the biggest recession in peacetime: what now?
Economy The OECD places Spain at the head of the global economic collapse in 2020 with a 14.4% drop after the virus
Reconstruction Economists (VI) Jordi Canals: "Politicians should lower their wages out of solidarity, as occurs in private companies"
See links of interest
- Last News
- English translator
- Work calendar
- Daily horoscope
- Santander League Ranking
- League calendar
- TV Movies
- Cut notes 2019
- Crystal Palace - Burnley
- Getafe - Real Sociedad