THE other-day I had a stroll around Palma and I was rather shocked at the number of businesses which are closing down. These are not shops which have just opened, these are the ones which I remember from my school days which have been in business for many years.
Now, they are closing down, a victim of the credit crunch. I have lived through recessions before in Majorca but I have never seen so many businesses going to the wall. Closing down sales were almost unheard of in Majorca, in Palma at the moment they are quite normal.
Plenty has been said about the severe recession in Britain, but I believe that it is even worse in Spain because I don´t think the country has ever seen a slowdown as bad as this one. The Balearic economy is going to continue to struggle well into next year and you can see why. The tourist industry is in deep trouble and the real estate market continues to struggle. But in the same way as you are reminded about the recession regularly in Britain, in Spain little is said. I don´t know if this is good or bad but one thing for sure, Spain and the Balearics are suffering a severe slowdown. Perhaps the time has come for our local government to start taking some action instead of just talking about economic recovery.
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