Business English Reading Comprehension: The Struggling Spanish Economy

📚 Important Words to Know
austerity measures — government policies reducing public spending and raising taxes to reduce budget deficits
unemployment rate — the percentage of the labor force that is jobless and actively seeking employment
sovereign debt — the total amount of money a national government has borrowed from external creditors
bailout — financial assistance given to a failing business or economy to prevent collapse
recession — a period of economic decline lasting at least two consecutive quarters
GDP (Gross Domestic Product) — the total monetary value of all goods and services produced within a country in a given year
bond yield — the return an investor receives on a government or corporate bond
credit rating — an assessment of a borrower's ability to repay debt, assigned by a credit agency
fiscal deficit — a situation where a government's expenditure exceeds its revenue in a given period
structural reform — long-term changes to an economy's policies and regulations to improve efficiency and growth