In a recent speech at a conference focused on inequality, Spain's Minister of Economy, Carlos Cuerpo, emphasized the government's ambition to reduce the unemployment rate to below 8%, a level not seen since 2007. He acknowledged the alarming youth unemployment rate of 23%, which remains a significant issue and underscores the broader economic challenges the nation faces. Cuerpo stressed the importance of addressing these issues to foster greater equality in society.

Historically, Spain has struggled with high unemployment rates, with figures hovering near 27% in 2013 during the aftermath of the real estate bubble and the Great Recession. The minister's goal reflects a substantial improvement over the years, as Spain has managed to reduce its unemployment rate from double digits, marking a diligent effort over the past 17 years. Cuerpo believes that this target is achievable through a commitment to sustainable and balanced economic growth rather than the construction boom that previously led to economic instability.

The focus on reducing unemployment also highlights the critical issue of housing affordability, which Cuerpo identifies as a central challenge of the current legislative term. By addressing both unemployment and the housing crisis, the government aims to create a more equitable economy, ultimately benefiting younger generations who are disproportionately affected by these issues. The implications of achieving this goal could lead to a significant reduction in social inequalities and improve living conditions for many Spaniards.