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Spain Tries To Reverse Economic Slump As Unemployment Rises

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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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