Question

1. give a brief introduction about what type of Economic system Spain's government uses and what trade system is ?
2. Briefly describe any important features of the history of Spain ( which are relevant to its current econimic situation) and why you chose it ?
3. analyze Spain's economic system and how the government of Spain mak economic decison.

4. Analyze Spain's trade policy,2 -3 paragraphs on the countries policies towards trade, both in general, as well as their existing trade agreement and major trade partners. Include in this section both the benefits and negative effects of trade for the country.

Answer 1

The Spanish Economist by closely observed the part of economy, Spain is a Country located in Southwestern Europe, the spain's economic system has undergone a profound reorientation in the last years. The Spain is the worlds eth largest economy of purchasing power parity & its GDP, where consumption and services are the main contributer to the GDP. Spain has a Capitalist Mixed Economy having variety of private freedom, combined with Centralized economic regulation & a Member of Europian union (EU) ; Which have free market with taxes to sustain extense public services , welfare & infrastructure,the Organization for economic cooperation & development of the World Trade Organization. Export concentrates industrial products for most parts for e.g.. Pharmaceutical & Electronics. Industrial production like; data processing,metalworking, shipbuilding are importance in industrial sector, which continues to be the driving force of the Spain economy system & the service sector like tourism & finance are expanding which prioritize its importance these years.

Spain is a country of countries ,prior to the Spanish Civil war, all govt, right & left , tried to integrate the economy by building transportation that linked the Peripheral regions with Madrid,During the period of stagnation the spanish workers sought good paying jobs in Germany & elsewhere. The remittence sent home were important Sources of foreign currency, credit to finance imports. The Annual growth for economic growth were $ 2.5 dollar from Tourism, $1 dollar from foreign investment, & $0.5 dollar from workers remittances. Last yerars Spain accompanied Instability high GDP growth rate , Spanish govt revenue in surplus , despite strong increases in expenditure until 2007, after those years, Spain is the 4th largest economy in the Euro one & the 5th biggest economy in the Europian Union, On the Expenditure side household consumption is the main component of spain's GDP & The country has a strong & diverse manufacturing industry. Spanish economy advanced these years, as per the economical data, it is advanced 0.4% in the calender year 31st march 2020.Spanish law protects property rights, there generally are no restrictions on foreign ownership of real estate,The govt enforces anticorruption laws on a generally uniform basis.As compared to earlier, Spain's Economic freedom score is 66.9, Spain is ranked 31st among 45 countries in the Europe region.

Spains is creating sustainable trade linkages with the developing world by sourcing good quality products from these growing export markets. From the research sources its getting to know that ; Spains top trading partners , countries that imported the most spanish shipments by dollar value during 2019;- France ;- $51.1 billion spains total export 15,3%, Germany - $36.1billion (10.8%), Italy-$26.1 billion (7.8%), Portugal-$24.8 billion (7.4%),United kingdom -$22.9 billion (6.9%), Netherland;$11 billion & export 3.3%, United states;$15.4 billion, China;$7.6 billion, Poland; $ 7.4 billion (1.7%).Romania ; $3.5 billion (1.1%).

The fastest growing top importers for Spain were Romania up 36.9%, Poland up 10.6% , Belgium 6.6% then china up 2.9%. The trading partner with Spain generate the greatest positive trade balances ; Australia up 10.3%, United Arab Emirates up 8.3% & Portugal up 1.7% grew at the fastest pace from 2018-19. these specify spains strategies to optimize its overall position in international trade.