Spain, the second country with the highest death toll owing to the coronavirus pandemic after Italy, has now registered the number of deaths crossing 10,003 in the nation with 950 new deaths reported in the last 24 hours. The number of infected cases has also peaked from 102,136 to 110,238.

But despite the tragic death toll, the rise in the number of infected cases has been at a steady 8%, leading health experts to believe that the virus is now reaching its peak and the nation will soon see a drop in the number of infected cases.

"We continue with an increase of around 8%. This points, as we have already seen, to a stabilization in the data that we're registering," María José Sierra, from the Spanish health ministry's emergency coordination unit, said.

Madrid in Spain is one of the worst-hit regions in the nation, with 3,865 deaths and nearly 30,000 cases, overwhelming hospitals and mortuaries. As the intensive care units are already under pressure, this "important lowering" in the increase in the number of cases comes as a piece of good news.

But when it comes to Spain’s economy, it continues taking big hits

Since mid-march, almost all businesses have been shut in Spain and thus the unemployment rate has been the highest monthly jobless rise that has been recorded in the country. As per recent data, since the lockdown was put into place 898,822 people have lost their jobs, which includes about 550,000 temporary workers, raising Spain's official unemployment figure to 3.5 million.

"This is an absolutely unprecedented situation," Labour Minister Yolanda Díaz said in a news conference.

And Spain is not going to be the only one affected by the pandemic whose impact on the economy will be felt be felt around the world with the loss of around 25 million jobs.

And while Italy is also following a similar trend in the lowering of the death toll and infected cases, it still has the highest number of deaths- 13,915 have died in total, with 2,477 new infections, in the last 24 hours.

Coronavirus, COVID-19 Italy
Health workers help the relatives of prisoners outside the Rebibbia prison, on March 9, 2020 in Rome, Italy. Six inmates have died as violent protests broke out in 27 Italian prisons. Relatives of prisoners have protested over new containment measures of the coronavirus emergency after the government decided to restrict visitation. The number of confirmed cases of the Coronavirus COVID-19 disease in Italy has jumped up to at least 6,387, while the death toll has surpassed 366. Antonio Masiello/Getty Images
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