#Spain | Economy is very sensitive to the Covid-19 shock. High unemployment rate (13.8%), high government debt (+-100% of GDP) and a high structural deficit are the usual suspects too look at. But some characteristics of the economy also makes it sensitive… (1/4) @ING_Economics
The Tourism and Travel sector is hit hard by the crisis and that sector accounts for about 15% of GDP (2/4) 
The Spanish economy also has a high level of small companies. Academic research shows that these are more vulnerable to exogenous shocks as they have limited financial, managerial and technological resources. (3/4)
There are a lot of economically vulnerable people. Unemployment rate is high, but Spain also has a large informal sector (difficult to reach with targeted measures) and a high share of independent workers (generally lower social protection). (4/4)
