The Organisation for Economic Co-operation and Development has made several predictions based on Spain's economy, and none of the numbers are flattering. There is a forecast for a deep and prolonged recession for Spain as the pain spreads from the suffering construction sector throughout the economy.
The Paris based think-tank sees Spain's gross domestic product falling by 4.2% this year, which is drastically higher than the 0.9% decline previously predicted. To make matters worse, the OECD forecasts the country's gross domestic product to fall by 0.9% for 2010. Damage is also spreading to other sectors of the economy with predictions that Spain's unemployment rate will rise to 18% this year and to 20% the following year.
The dreadful predictions have Spain's euro exchange rate currently at GBP0.8511 and USD1.4089
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