Spain econony to be hit hard

Spain will be the second European economy to suffer the most due to the coronavirus lockdown according to the latest report released by the European Commission. EC experts estimate Spain's economy will contract by 10.9% of its GDP by the end of this year, the second largest fall behind Italy (11.2%). However, Spain's 'rebound' in 2021 will see the GDP rise by an estimated 7.1%. On average, the EC forecasts a 8.7% GDP drop in the eurozone this year with a 6.1% rise in 2021.

In the case of Spain and practically all countries along the Mediterranean, a lot will depend on the results of the remainder of the summer tourism season.