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FX.co ★ Spain shuts down nightlife due to spike in COVID-19 cases

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Forex Humor:::2020-08-28T06:26:28

Spain shuts down nightlife due to spike in COVID-19 cases

An attempt of the Spanish authorities to revive the economy by reopening nightlife did not give desired results. Opening of nightclubs in resort cities across Spain did not help save the budget, but only increased considerably the risks of catching coronavirus infection.

The government’s experiment has failed and Spain is now closing almost 25,000 discos, clubs, and cocktail bars from Ibiza to Madrid. This decision will beсome another painful blow to the country's $175 billion touring industry. Thus, according to the Health Ministry, nighttime socializing was fueling new outbreaks instead of helping revitalize the economy. The new restrictions also prohibit restaurants from allowing new customers in after midnight. Notably, nightclubs remain closed in neighboring Italy.

Over the past three months, almost all sectors of the Spanish economy have been heavily hit by the restrictions aimed to curb the coronavirus outbreak, while industries such as retail, transport, tourism, and catering are bearing the brunt of the lockdown. In total, all these sectors contracted by up to 40%. In addition, unemployment in the country accelerated by 15% in three months.



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