The Organization for Economic Co-operation and Development (OECD) says that even though Spain is turning the corner on the long-lasting recession, it needs to drastically cut spending and overhaul labor markets. The OECD forecast for Spain in 0.9 percent growth is 2011 and 1.8 percent growth in 2012.
According to the OECD, the major factor impairing Spain’s economy is unemployment which remains the worst in the EU and is currently near 20 percent.
Source: BBC News
