Spain: Apparel Imports from India up Over 18%
Spain's mixed capitalist economy is 12th largest in the world. The per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008.
Government efforts to boost the economy through stimulus packages, extended unemployment benefits and loan guarantees have not yet prevented a sharp rise in the unemployment rate which was the highest in the European Union during 2009. The government intervened in the banking structure and rescued some banks while others were forced to merge.
Originally Published in Apparel India, Oct-2010 (Vol.2 Issue 9)