Economy in the shadow of geopolitics

Summary Global economic situation Global economic activity has maintained some dynamism in recent quarters in a regionally asymmetric manner, despite the impact of tight monetary policies, the fragmentation of trading blocs, the withdrawal of fiscal support in a high debt environment, low productivity and geopolitical uncertainties. Against this background, the IMF forecasts moderate global GDP … Continued

2023 At the crossroads

Summary Global economic situation Throughout 2022 , the global economy lost momentum with the onset of adverse shocks and as downside risks materialized, affecting households, businesses and financial markets. The health and economic impact of the war in Ukraine was compounded by high inflationary pressures, the tightening of monetary policy by the major Central Banks, … Continued

Economy in check due to global risks_ENG_portada

Economy in check due to global risks

Global economic situation The world is facing a context of high geopolitical and economic uncertainty that may lead to a foreseeable simultaneous contraction in the main areas. The post pandemic economic recovery has been disrupted by the direct consequences of the Russian invasion of Ukraine and its collateral effects on energy prices and supplies. The … Continued

Economy in times of uncertainty

Economy in times of uncertainty april 2022 de Círculo de Empresarios Global economic situation In mid February, just before the Russian invasion of Ukraine, the evolution of the main macroeconomic variables allowed us to speak of recovery. The remission of the pandemic, vaccination efforts, expansionary economic policies and favorable financial conditions justified the IMF’s January … Continued

Quarterly Report Global and Spanish Economic Perspectives Q3 2021

Global economic situation The world economy’s recovery continues although its sustainability isn’t assured in a context of pandemic outbreaks and uncertainty about its future evolution, disruptions in supply chains and inflationary pressures on raw materials and energy. The differing vaccination rates and the support policies applied in each country to lessen the pandemic’s impact have … Continued

Quarterly Report. Global and Spanish economic perspectives Q3-2020

Economic situation summary The uncertainty surrounding the spread of Covid 19 is significantly conditioning economic agents’ expectations for the coming years In this context, most international organizations (the IMF, OECD, World Bank and European Commission) project a contraction of GDP above 3 yearly for 2020 and warn of risks such as rising unemployment and a … Continued


Perspectives on the Spanish and global economies Q2 2020. Quarterly Report

Overview of the economic situation Q2 2020 The Covid-19 crisis has had one of the biggest economic impacts of our recent history The lockdown measures to contain the spread of the virus have generated an unprecedented economic standstill. In this context, international organizations (the IMF, OECD, World Bank and European Commission) are forecasting a contraction … Continued

Quarterly Report. Perpectives on Global and Spanish Economy Q4-2019

Overview of the economic situation Q4 2019 The main international organisations ( IMF, OECD, World Bank, and European Commission) warn of a global economy in a synchronised slowdown against the backdrop of mounting uncertainty and new geopolitical risks Thus, the second half of 2019 has been marked by the outbreak of social protests and institutional … Continued

Quarterly Report. Perspectives on Global and Spanish economy Q2-2019

Overview of Pespectives on Global and Spanish economy Q2-2019 The main international organisations (IMF, OECD, European Commission, etc.) continue to downgrade their growth expectations in light of the new geopolitical and economic scenario. Q1 2019 has been marked by the darkening economic outlook, the waning confidence of the private sector, and the mounting global uncertainty, … Continued

Quarterly Report. Perspetives on Global and Spanish Economy Q1-2019

Overview of the economic situation Q1-2019 Despite being in a favourable economic cycle (global growth still above 3%), GDP estimates are being revised downwards (IMF, OECD, European Commission, etc.). The striking main causes: economic cycle phase change, trade slowdown, Trump’s protectionism, monetary policy normalisation, political tensions stemming from populism (Brexit, Italy, etc.) and worse economic … Continued


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