Spain Tries To Reverse Economic Slump As Unemployment Rises

An employee closes his cafeteria before curfew in Barcelona on Monday, Oct. 26, 2020. Spain orders nationwide curfew to stem worsening outbreak. Spanish Prime Minister Pedro Sánchez has declared a second nationwide state of emergency in hopes of stemming a resurgence in coronavirus infections. (AP Photo/Emilio Morenatti)

(AP) — The Spanish government plans to increase taxes on big corporations and the wealthy and use 27 billion euros ($31.8 billion) in European grants as it tries to reverse one of the deepest coronavirus-related slumps among developed economies. The country is grappling with a resurgence of the virus that has claimed at least 35,000 lives. A strict lockdown from March to June and restrictions to stem more recent outbreaks have harmed the eurozone’s fourth-largest economy. The National Statistics Institute says Spain’s jobless rate grew to 16.3% last quarter, up from 15.3 % in the previous quarter.


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