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Adios Espana! The Talent Outflow From Spain
RCM ^ | 10/04/2012 | By I-Ling Shen & James Barth

Posted on 10/04/2012 5:19:48 AM PDT by SeekAndFind

Spain appears to be ever closer to asking for outside financial aid to help it recover from a deep recession and cope with severe unemployment. The interest rate Spain must pay to finance its steep budget deficits remains too high to permit a sustainable economic recovery. And some of its banks still need to be bailed out due to a huge portfolio of poor loans. The world is anxiously watching as Spain faces a myriad of financial, economic, and political challenges.

But less known is the effect the crisis is having on the movement of people in and out of Spain. Beginning in the late 1990's, Spain's booming economy attracted immigrants in record numbers, especially from the countries of Spanish-speaking Latin America. Since 2007, however, departures from the country have been gaining on arrivals, overtaking them in 2011. The short time in which this reversal has taken place is truly amazing. Clearly, sluggish economic growth and alarmingly high unemployment are not good ways to keep people in a country.

Even more striking is the fact that many Spaniards appear to have lost confidence in the government's ability to improve the economy any time soon. Starting in 2008, more Spaniards departed than returned to the country. This net exodus continued even as the number of arrivals started increasing. Though the number of Spaniards returning to their home country reached a six-year high in 2011, the number of those departing rose by nearly 70 percent from 2010 to 2011, creating the largest net outflow of Spaniards in recent history.

Although Spaniards only accounted for 1.2 of every 10 individuals who left Spain in 2011, the number of net departures by Spaniards (20,484) was only exceeded by net departures involving African (34,755) and South American (42,117) nationals. Individuals from these two continents accounted for the largest group of non-E.U. citizens immigrating to Spain.

So, where are these people going once they leave Spain?

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TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: debt; jobs; spain; unemployment

1 posted on 10/04/2012 5:19:51 AM PDT by SeekAndFind
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