As immigration has increased, GDP has surged and unemployment has fallen to lowest level since 2008From Madrid to Barcelona, restaurants and bars are brimming with people, and reservations have become essential for everything from fine dining to high-end hotels.It’s a glimpse of how Spain has become Europe’s buzziest economy – named the world’s best by the Economist in 2024 – fuelled in part by what analysts have described as the government’s strikingly different approach to migration. Continue reading...
Spain's open approach to migration has significantly boosted its economy, with GDP surging and unemployment dropping to its lowest level since 2008. Unlike other European nations, Spain's prime minister, Pedro Sánchez, framed migration as both a humanitarian and economic imperative, addressing an aging population and low birth rate. Economic data supports this strategy, with Spain's GDP growing by 3.2% last year and migration contributing over 20% to income growth. Spain's success also benefits from renewable energy, EU Covid funds, and government investments. Experts, including economists from JPMorgan and the OECD, highlight the positive economic impact of well-managed migration. However, challenges remain, such as managing migration effectively to avoid far-right polarization seen in other countries.
