Spanish unemployment effects

[NewsWhore]

The increase in unemployment rates in Spain could have a negative impact on the Dominican economy. According to Hoy the number of Dominicans traveling to Spain on employment contracts has decreased from 383 in 2006 to 160 in 2007 and only 82 in 2008. According to Spanish Deputy Labor Minister Virgilio Valdera and Gabriela Varela, director of Labor Issues at the Spanish Embassy, the reason for the decline is that Spanish companies would rather hire local workers. Added concerns are that Spain's unemployment rate closed at 13.91% in 2008, with 1,280,000 people newly unemployed and with an added 200,000 registered as unemployed in January 2009. As many Dominicans work in Spain and send remittances back to the DR this could mean a steep decrease in the money received by their relatives back home. Another problem for the labor market in Spain is that the construction sector, once known for easy employment opportunities, has crumbled with a 164% increase in unemployed construction workers.

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