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Expats hit hard by economic downturn
It's a popular dream--move to a sunny, beautiful part of the world where life is cheap and say goodbye to the home country forever.But the BBC has found that the dream of many expats has soured because of the economic downturn. The article focuses on the tens of thousands of British expats living in Spain, but the story could be about expats anywhere. For the past twenty years the English have been moving to Spain in droves, especially the sun-soaked coastline of Costa del Sol and Mallorca (pictured here). They fueled a real estate boom that was one of the major factors of Spanish economic growth until the housing bubble popped, markets crashed, and Spain ended up with a 17% unemployment rate. Oh, and the change from the peseta to the euro caused inflation that ended the "cheap living" part forever.
Now some expats are headed home. Many had jobs related to the housing industry that have since disappeared, and new jobs are not forthcoming. English-teaching jobs may be next as Spaniards rein in discretionary expenditures.
Are you an expat? Has your job or lifestyle been affected by the economic downturn? Gadling readers want to know.
Filed under: Europe, Spain, United Kingdom
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