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Bank of Spain warns unemployment rate may remain at 20% for another 18 months

Written by on September 16, 2020

The Bank of Spain has said that unemployment rates could remain at 20% for at least another year and a half, as the country struggles to shake off the economic damage caused by the coronavirus.

The central bank said the economy could shrink between 10.5% and 12.6% this year, depending on how the country reacts to further outbreaks of the virus, and the severity of subsequent outbreaks.

It said that one in five people may remain unemployed until 2022, adding pressure to the Governments plans to boost job creation.