Luis de Carlos: Spanish firms' recipe for resilience
'Uncertain' is most likely how we could define the current world outlook. The worldwide calamity of both the financial and the real estate sectors has sponsored the first ever global crisis, with unsuspected dimensions and an unknown ending. Such crisis has inevitably spread to many countries, therefore wounding many sectors. The legal sector has not been exempt from this situation and has suffered the cruelty of the crisis as well, seeing major redundancies and layoffs in many strategic markets of the world.When it comes to Spain, the economy is suffering heavily from the burst real estate bubble as well as from the financial crisis. Unemployment figures are above 14%, which accounts for more than three million unemployed people, and gross domestic product is forecasted to fall between 1.6% and 3% in 2009, this being the first time that Spain has entered a recession since 1993. This has obviously shocked the Spanish economy, with severe layoffs in sectors such as the construction and the automotive industries.
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