Citigroup is projecting that unemployment in Spain will rise from its current 17.9% to 22% next year.

Spain's unemployment is largely driven by the bursting of its housing bubble.

As I wrote last December:


Housing bubbles are now bursting in China, France, Spain, Ireland, the United Kingdom, Eastern Europe, and many other regions.


And the bubble in commercial real estate is also bursting world-wide. See this.
So - unfortunately - unemployment could be a problem globally.