Has Austerity Worked in Spain?

Since 2011 Spain has pursued a set of economic policies for recovery based on internal currency devaluation, labor market reform, fiscal consolidation, and structural and deregulatory reforms such as the Market Unity Law, which are based on the idea of boosting growth through increased efficiency. Unemployment is currently at 21.6 percent, and 47.7 percent for youth, with about 60 percent of the unemployed out of work for more than one year. The number of people classified as at risk of poverty and social exclusion has risen with the unemployment rate, from 10.4 million people in 2007 to 13.4 million in 2014.This report looks at Spain's recent economic history, both before and after its recession, with a focus on employment, contributions to GDP growth, and the current account balance