Economic Blues

Crisis, what crisis? Thursday was a bad day for the Spanish economy. The country is on course for another recession and economists say the outlook is bleak. But if you look at the Spanish newspapers the story, in most cases, doesn´t even make the front page. While in Britain we are told by the 24 news channels and newspapers that the country is on the brink of recession almost on an hourly basis in Spain the media take the view that bad economic news is not something you want to be reminded of on a daily basis.

I think this is quite a good idea. The only way to end the recession is if consumers start spending again. If you are getting a daily “bad news diet” then the chances of you going out on a major spend are pretty slim. “The feelgood factor” is vital. Now the British media sometimes goes over the top. Quite remarkably it appears that Britain will escape a second recession but it is not thanks to a certain section of the media. The Spanish way is probably best. At the end of the day the economic crisis is out of our hands. We can do little to get Spain back on the road to recovery. I was always taught that bad news sells newspapers. But not bad economic news it appears in Spain. What is evident is that the new Spanish government of Mariano Rajoy has a real battle on its hands. The economy is in a poor shape. But, there could be a good news on the horizon. When the sun comes out the tourists will arrive and things will improve. (I hope!).