Spain sees new coronavirus cases double and OECD says that's not goodChristian Fernsby ▼ | June 10, 2020
As Spain saw new coronavirus cases inch up for the second day in a row, the Organisation for Economic Co-operation and Development (OECD) said Spain’s economy is the world’s most susceptible to damage from a second wave of the pandemic.
Cases Madrid street
Topics: Spain OECD
The number of new contagions still remains a fraction of what it was at its peak of nearly 10,000 per day in late March.
So far, a total of 242,280 people have been confirmed to have contracted the virus in Spain. Of this group, 27,136 people have died, according to official statistics which have not been effectively updated for weeks.
Besides the loss of life and costs to the healthcare system, new economic projections released by the OECD give Spain even more reason to worry about a second outbreak.
The organization suggests that Spain would be the most economically affected economy in the world if a second coronavirus wave were to occur. It estimates that country’s GDP would plummet by 14.4%.
According to the report, fall in domestic demand due to job destruction and paralyzed activity would be a key driver of the historic slump. It also predicts that tourism losses this year will weigh heavily on the country’s economy.
Current projections by the Bank of Spain suggest the country’s GDP will drop this year by a minimum of 9%. ■