Five years after Catalonia's attempt to uncouple itself from Spain sent shockwaves across Europe, the independence movement is grappling with internal divisions, dwindling public support and the economic fallout from a corporate exodus.
Catalonia has lost its status to Madrid as Spain's No 1 economic powerhouse after thousands of companies moved their legal headquarters out of the region, fearing the 2017 secession drive would leave Catalonia outside the European Union and its protections.
Catalonia on Oct. 27 2017 issued a short-lived independence declaration. The movement fizzled out after the Spanish government imposed direct rule over the autonomous region. Many retained managerial offices in the region, but the legal move means some taxes are paid in rival regions such as Valencia and Madrid, Catalonia hosts fewer business events, and foreign companies have opted for less risky locations.
Barcelona's water group Aigües de Barcelona is the only large company that is known to have returned. The Catalan government defends its economic record. Foreign affairs councillor Meritxell Serret, who was part of the 2017 government, said the corporate moves were mostly politically driven and "have not had big economic effects".
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
All Volkswagen R Models Will Be Fully Electric By 2030 | CarscoopsThe performance-focused R family will go EV-only five years before Volkswagen's entire range
Read more »
Five takeaways from Hochul-Zeldin debate for NY governorGov. Kathy Hochul and Rep. Lee Zeldin sparred over crime, abortion rights, economic development and more in the only debate of the governor's race.
Read more »
Rivals.com - Southeast Spotlight: Five teams that need a strong close to 2023
Read more »
Rivals.com - Mid-South Spotlight: Five teams that need a strong close to 2023
Read more »
Five Surprising Fall Fashion Trends You Don't Want To Miss Out On - Love for GlamIf you’re still hoarding mesh pieces, pointe shoes, and baguette bags, it’s time to dust them off and let them shine once more. After the summer’s throwback to the 90s, autumn and winter jump a decade ahead. In addition to […]
Read more »