Spain recession causes child poverty

Financial problems in Spain increase the number of children living below poverty line. (file photo)

The high unemployment rate and economic slump in Spain have increased the number of children living below poverty line, the United Nations Children’s Fund (UNICEF) says.

Å“The level of child poverty in Spain was already high, it was already about 20 percent in 2008” when the economic crisis broke out in Spain, UNICEF said in a statement.

Å“With the crisis the figures are getting worse year by year. Not only are there more children under the poverty line but those that are, are getting poorer,” the statement added.

Newly released data showed that unemployment among Spaniards aged below 25 reached a new high of 56.1 percent.

According to the latest data released by Eurostat earlier this week, the new figure means that a quarter of the 3.5 million unemployed youth across the eurozone are Spaniards.

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking millions of jobs with it.

Spain must lower its deficit to 4.5 percent in 2013 and 2.8 percent in 2014. Many economists, however, say those targets will be difficult to meet amid poor prospects for Spainâ„¢s economic recovery.

The Spanish government has also been sharply criticized over its austerity measures that are hitting the middle and working classes the hardest.


…read more

Republished from: Press TV