Is Spain in a Depression?

The "Great Recession" seems horrible enough for those of us who live in North America.

However, for a number of countries across the world, the economic situation is much more dire.

One of those countries, according to Telegraph.co.uk, is Spain.

By any metric, Spain is currently living through a painful economic depression. Unemployment rates are already around 20% and expected to go higher (as high as 25% according to multiple forecasts).

In addition: A rapidly shrinking construction sector. Uncompetitive wages when compared to nearby countries. A massive overhang of unsold real estate properties. Massive credit debt, both for corporations and the Spanish government.

Wages are spiraling lower. Tourism is way down due to the economic turmoil across the globe, which means that a great deal less is being spent in Spanish shops and restaurants.

The Spanish government has fought to resurrect the economy, but they are rapidly running out of bullets.

For Spain, the "Great Recession" has tipped into a depression. Will more countries follow?

Source: Telegraph.co.uk - Spain tips into depression