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Author Moliner Usón, Tomás
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Abstract During the last fifteen years the world economy has suffered two severe impacts: The Great Recession and the Covid-19 crisis. In Spain, the 2008 Financial Crisis left unprecedented damage in the labor market world-wide reaching an unemployment rate of 26.09% in 2013. In 2020, Spain was one of the advanced economies most affected by the Covid-19 pandemic, with a 10.8% drop in GDP that year. The goal and motivation of the present work is to further study and compare the Great Recession and Covid-19 crisis in Spain to solve the question: Is this time different? The present study makes use of different data sets that cover Spain and its 17 Autonomous Communities. The period covered is from first quarter of 2007 until third quarter of 2021. The data was obtained from the National Bureau of Statistics (INE, 2021), the Public Service of National Employment in Spain (SEPE, 2021) and The World Data Bank (2021). Different variables have been analyzed: unemployment rate by gender, unemployment rate in different economic sectors, unemployment coverage rate, youth unemployment, long-term unemployment and finally the number of employees under ERTE conditions. The study has concluded that in the short term public policy institutions have managed to avoid a dramatic increase in unemployment during Covid-19 crisis (like it happened during the Great Recession). However, these policies may not be enough to prevent long-term effects from worsening. On the whole, the Covid-19 pandemic has increased the polarization of risk groups such as women, youngsters and unskilled people. |
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Director Tamás Borsi, Mihály |
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Degree IQS SM - Undergraduate Program in Business Administration and Management |
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Date 2022-01-21
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