The Balearics have never had it so good is the general view of leading economists on the island. The local economy is booming, they say, and now is the time to invest. Everything appears to be rosy on the islands, with people literally queuing to buy homes here and the tourist industry going from strength to strength. The Balearics are on a wave and economic growth is outpacing the rest of the country. Even unemployment, which has always been a problem on the island, is under control.
I must admit there are plenty of signs that the local economy is doing well. Unfortunately, there is a downside. The island has become so popular that places like Palma are becoming exceptionally expensive for the resident population. Not all are enjoying the record economy. Wages are still low and this was one of the reasons that Palma city council outlawed apartment holiday rentals in the city. There was not enough affordable housing for the resident population.
So, while the economic view is exceptionally good, I would say that there are still problems that need resolving. The president of the Balearic government Francina Armengol said that she was pleased that the local economy was performing so well but called on the local business community to share their good fortune with their staff with higher wages. As the economists say - enjoy the good times and hope that they will last for many years to come.
The content of comment is the opinion of users and netizens and not of mallorcadailybulletin.com.
Comments contrary to laws, which are libellous, illegal or harmful to others are not permitted');
mallorcadailybulletin.com - reserves the right to remove any inappropriate comments.
Please remember that you are responsible for everything that you write and that data which are legally required can be made available to the relevant public authorities and courts; these data being name, email, IP of your computer as well as information accessible through the systems.