ESADE Business School Financial Aids
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The nation of Spain has a highly developed social market economy. It is the world's 12th largest by nominal GDP and the sixth-largest in Europe (fifth excluding Russia). Spain is a member of the European Union and the eurozone, as well as the Organization for Economic Co-operation and Development and the World Trade Organization. In 2024, Spain ranked as both the 17th-largest exporter and the 17th-largest importer in the world. Furthermore, Spain is listed 28th in the United Nations Human Development Index and 30th in GDP per capita by the International Monetary Fund. Some main areas of economic activity are the automotive industry, medical technology, chemicals, shipbuilding, tourism and the textile industry. Among OECD members, Spain has a highly efficient and strong social security system, which comprises roughly 23% of GDP. During the Great Recession, Spain's economy was also in a recession. Compared to the EU and US averages, the Spanish economy entered recession later, but stayed there longer. The boom of the 2000s was reversed, leaving over a quarter of Spain's workforce unemployed by 2012. In aggregate, GDP contracted almost 9% during 2009–2013. In 2012, the government officially requested a credit from the European Stability Mechanism to restructure its banking sector in the face of the crisis. The ESM approved assistance and Spain drew €41 billion. The ESM programme for Spain ended with the full repayment of the credit drawn 18 months later. The economic situation started improving by 2013. By then, Spain managed to reverse the record trade deficit which had built up during the boom years. It attained a trade surplus in 2013, after three decades of running a deficit. In 2015, GDP grew by 3.2%: a rate not seen since 2007. In 2014–2015, the economy recovered 85% of the GDP lost during the 2009–2013 recession. This success led some analysts to refer to Spain's recovery as "the showcase for structural reform efforts". Spain's unemployment fell substantially from 2013 to 2017. Real unemployment is much lower, as millions work in the grey market, people who count as unemployed yet perform jobs. Real Spanish GDP may be around 20% bigger, as it is assumed the underground economy is annually 190 billion euros (US$224 billion). Among high income European countries, only Italy and Greece are believed to have larger underground economies. Thus Spain may have higher purchasing power as well as a smaller gini coefficient (inequality measure), than shown in official numbers. The 2020 pandemic hit the Spanish economy with more intensity than other countries, as foreign tourism accounts for 5% of GDP. In the first quarter of 2023, it had fully recovered from the downturn, its GDP reaching pre-pandemic levels. In 2023, Spain's economy grew 2.5%, bucking a downturn in the eurozone as a whole, and is expected to grow at 3.1% in 2024, and 2.5% in 2025. According to Eurostat data, in 2024 Spain reached 92% of the European Union’s average GDP per capita, adjusted for purchasing power parity (PPP). This figure reflects a continued trend of economic convergence that began in the aftermath of the COVID-19 pandemic. In the course of this progression, Spain has surpassed countries such as the Czech Republic, Slovenia and South Korea, establishing itself as one of the EU economies that has most significantly narrowed the gap with the European core over the past five years. Despite representing approximately 0.6% of the world’s population, Spain accounts for about 1.36% of the global gross domestic product (GDP). This indicates that Spain’s GDP per capita is significantly higher than the global average. Specifically, Spain’s GDP per capita is approximately 2.55 times (or 255%) the world average, reflecting a relatively high level of economic productivity and development. Consequently, Spain maintains a standard of living that surpasses that of many countries with larger populations but lower economic output per capita.
Article title : Economy of Spain
"government forecast the unemployment rate would rise to 16% in 2009. The ESADE business school predicted 20%. By 2017, Spain's GDP per capita had fallen back to..."
The Leonard N. Stern School of Business (commonly known as The Stern School or Stern), is New York University's business school. Established as the School of Commerce, Accounts and Finance in 1900, Stern is one of the oldest and most prestigious business schools in the world. It is also a founding member of the Association to Advance Collegiate Schools of Business. In 1988, it was named in honor of Leonard N. Stern, an alumnus and benefactor of the school.
The school is located on NYU's Greenwich Village campus next to the Courant Institute of Mathematical Sciences.
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