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It seems that all the majors eurozone economies are recovering like Germany, France, Belgium. Meanwhile Spain and the UK are still suffering for different reasons.
Both had mad prices for property prices and now every body is putting in order their household economies trying to reduce theirs debts. This mean a dramatic fall in consume and a rise of unemployment.
On my view 2010 would be another bad year for Spain. Public servans should be fired but the reallity is that they will still get high salaries for a inefficient job meanwhile the rest of survivors in the job market will have to support them with their taxes.
What about the UK?
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Although these Eurozone economies have shown two quarters of very modest growth the annual fall will still be around -4%.
I am suspicious of figures and believe Europe has still a long way to go. The continued strength of the currency will in my view slow down any substantial or consistent return to growth.
As soon as any signs of life appear in the Eurozone, Trichet and his chums at the ECB will start choking it off with higher interest rates.
Spain will continue to lag behind everyone along with Greece and the Baltic States. Once the USA powers ahead in the new year I believe the UK will follow in 2011. -
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Uk or Spain?
Which one will exit recession 1st and is there further bad news to come from both?
Apparently the next big media UK headlines are going to be about the expenses of The House of Lords and, the M.E.P.s expenses.
Unusually for an estate agent, Savills predict the UK property market falling 6.6% next year, at last an agent not afraid to speak what may be the truth. 😉
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At my city in Lorca (Murcia) our council spend annually around 34 million euro only the wages of public servants. This is a shame for a city with a population of about 90.000 and a labour force no more than 40.000.
It is know that actually all the tax money is spent in wages and official buildings maintenace so there is no more for inversions and social activities.
These people was hired by the typical spanish “enchufe” (brothers, cousins and friends) and by general their are inefficient people that wouldnt get a job in the job market cause they are lassy and without preparation and of course corrupt.
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“These people was hired by the typical spanish “enchufe” (brothers, cousins and friends) and by general their are inefficient people that wouldnt get a job in the job market cause they are lassy and without preparation and of course corrupt.”
Peterpara if it makes you happy. The whole of Spain works in this manner.
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shakeel wrote:“These people was hired by the typical spanish “enchufe” (brothers, cousins and friends) and by general their are inefficient people that wouldnt get a job in the job market cause they are lassy and without preparation and of course corrupt.”
Peterpara if it makes you happy. The whole of Spain works in this manner.[/quote=
A Spanish friend of mine did n´t use nepotism, he took staff on judged entirely on the cleavage of the dolly bird presenting her credentials.
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UK figures are simply distorted to keep the devaluation of sterling going.
Here in the SE property prices are effectively at their 2007 peaks, shopping centres are as full as ever. My folks in the North report similar stories.
I accept unemployment has risen, but I really don’t see (economically) what is put out by goverment funded agencies (ONS)
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The Economist is quite cheery about the UK economy this week:
http://www.economist.com/displaystory.cfm?story_id=14853148
I suspect that the last quarter’s GDP fall was a statistical quirk and will eventually be revised upwards in time. But all this has been achieved with unprecedented monetary stimulus and follows a 6% decline over a year and a half. It would be astonishing if there wasn’t some kind of UK recovery. I still think long term the prospects are bleak.
As for Spain I don’t know because I don’t read the local press as much as I should, but from my own observations I would agree that the state bureaucracy is cosseted and add that the labour market is severely dysfunctional. That has always been true but the housing boom disguised the problems.
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@jp1 wrote:
UK figures are simply distorted to keep the devaluation of sterling going.I
I agree, for its a useful tool in the UK recovery plan. Countries such as Spain within the Eurozone are not so lucky. Another example in my view of the ‘one size fits all’ policy of the EU being a failure.
Of course monetary union was a political decision not an economic one.
The inflation figures released yesterday indicate Sterling’s devaluation may be causing an upward tick in RPI. Sterling should recover later in 2010 as simulative measures end and the economy recovers slowly. -
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