Press Room

Global debt issuance reached a new high in 2024 According to the OECD, in 2024 global debt issuance surpassed 25 trillion USD, while the global stock of debt exceeded 100 trillion USD. Following a brief pause during the pandemic, the global debt-to-GDP ratio has recovered its upward trend. More than half of OECD-sovereign and global … Continued

Recent shifts in U.S. foreign policy have compelled the European Union to bolster its defense and security efforts. As a result, the EU will need to embark on a substantial rearmament effort, as well as increase its public spending. Defense spending by EU Member States is relatively low, despite growing in recent years The increase … Continued

Growing fears of a recession and uncertainty surrounding the Trump Administration’s policies are weighing on US stock markets Worse than expected economic news and sudden changes in the US’ trade policy have driven a sell-off in US markets. The sell-off has affected a wide variety of sectors, but the technology stocks that drove recent growth … Continued

Since 1995, Transparency International has analyzed countries’ perceived corruption based on in-depth surveys and evaluations provided by experts and business leaders.

(27 de Enero de 2025) La Fundación PwC y el Círculo de Empresarios han presentado el informe Juventud y Empresa, un amplio estudio que pretende analizar cómo afectan a las empresas los cambios sociales de la juventud y cómo pueden las compañías contribuir a los retos que se abren para las nuevas generaciones. El documento … Continued

The German economy continues showing weakness POSITIVE FACTORS German GDP will achieve positive growth from Q1-25 onwards but will continue to lag relative to the rest of the Eurozone in the coming years. Private consumption shows signs of expansion as investment and exports begin to recover. Despite a recent uptick, inflation will remain subdued throughout 2025 … Continued

Global radiography of digital competitiveness GEOPOLITICAL RIVALRIES FRAGMENT THE DIGITAL LANDSCAPE, INFLUENCING THE WAY COUNTRIES DEVELOP AND USE DIGITAL TECHNOLOGIES AND THEIR ABILITY TO COMPETE ON A GLOBAL SCALE Economies characterized by strong governance, transparency and stable policy environments attract more digital investments and are more digitally competitive 5 European countries among the top 10 … Continued

Challenges for Chinese economic growth IN THE LONG TERM, THE CHINESE ECONOMY FACES A RAPIDLY AGEING POPULATION, A SHRINKING LABOUR FORCE AND STAGNATING PRODUCTIVITY. IN ADDITION, IT MUST SEEK A NEW ENGINE OF GROWTH BEYOND INVESTMENT IN THE SHORT TERM, CHINA’S ECONOMY IS SEEN AS ONE OF THE MOST VULNERABLE TO GROWING UNCERTAINTY DURING TRUMP’S … Continued

New scenario following Donald Trump’s victory EXTENSION OF THE 2017 PERSONAL TAX CUTS AND HIGHER SPENDING. IN ADDITION, REDUCTION OF IMMIGRATION AND TARGETED TARIFFS ON CHINA, MEXICO, CANADA AND THE EUROPEAN UNION The economy continues to grow at a good pace on the back of solid investment and consumption The US will continue to outpace … Continued

Global growth stable, but at low rates UPWARD REVISION OF GROWTH FORECASTS FOR THE US AND EMERGING ASIAN ECONOMIES OFFSET BY DOWNGRADES FOR OTHER ADVANCED ECONOMIES, MAINLY EUROPE, AND THOSE OF THE MIDDLE EAST, CENTRAL ASIA AND SUB-SAHARAN AFRICA Global growth will reach 3.2% y-o-y in 2024 and 2025, 5 tenths of a percentage point … Continued

Global innovation trends REGIONAL INNOVATION GAP PERSISTS, ALTHOUGH EMERGING ECONOMIES ARE CLOSING THE GAP Switzerland maintains its leadership in the global innovation ranking The world’s top 5 science and technology clusters are in East Asia: Tokyo-Yokohama (Japan), Shenzhen-Hong Kong-Guangzhou (China and Hong Kong), Beijing (China), Seoul (Republic of Korea) and Shanghai-Suzhou (China) IN 2023, A … Continued

Slowdown in job creation OECD LABOUR MARKETS HAVE PERFORMED WELL DESPITE ADVERSE SHOCKS IN 2023, BUT THERE ARE SIGNS OF SLOWER DYNAMISM Moderate GDP growth with divergences between economies Stronger employment recovery in the Eurozone than in the US compared to pre-Covid19 levels Spain has the highest unemployment rate in the OECD in a context … Continued

Global AI Preparedness Index BASED ON MACRO-STRUCTURAL INDICATORS RANGING FROM COUNTRIES’ DIGITAL INFRASTRUCTURE, HUMAN CAPITAL AND LABOUR MARKET POLICIES, INNOVATION AND ECONOMIC INTEGRATION, TO REGULATION AND ETHICS Significant divergence between advanced economies (0.68) and emerging (0.5) and low-income (0.32) countries 7 European countries in the Top 10 Top 10 in each of the 4 dimensions … Continued

Growth will slow in the coming years THE BANK OF SPAIN EXPECTS GDP GROWTH TO CONVERGE TO THE ESTIMATED POTENTIAL GROWTH CAPACITY OF 1.6% IN 2026 Domestic demand will be the main driver of activity The gradual reduction in inflation continues, which will be 3% in 2024 and 2% in 2025 GDP forecasts – comparative … Continued

Social Progress in the EU and its regions THE INDEX SCORES FACTORS RELATING TO BASIC NEEDS, WELLBEING AND OPPORTUNITIES. THE NORDIC COUNTRIES CONSISTENTLY PERFORM BETTER THAN THE EASTERN AND SOUTHERN STATES By country, the highest-ranked countries have higher education and trust and governance as strengths. At the regional level, those with the greatest social progress … Continued

Strength of the US economy AFTER ONE OF THE FASTEST POST-PANDEMIC RECOVERIES, THE ECONOMY IS EXPECTED TO SLOW DOWN SLIGHTLY IN 2024-25 Investment and private consumption responsible for GDP growth in 2024 There are downside risks due to an increase in geopolitical tensions Resilience of the labour market, despite a slight increase in unemployment Stagnant … Continued

Economic reality and outlook The region accounts for 9.6% of the world’s population and for a quarter of its GDP In 2024, growth will moderate compared to prepandemic level and inflation will average 21.6%, distorted by Turkey (58.4%) Weak growth in the region in 2024 Growth in 2024 weighed down by the weakness of the … Continued

(Miércoles, 24 de abril de 2024) The Círculo de Empresarios has published the document “People-centred healthcare” in which it proposes furthering public-private sector partnerships taking advantage of the strengths of both the public and private spheres, expanding access to medical attention and improving the efficiency and quality of healthcare services. Produced in partnership with EY, the … Continued

(Friday, April 12, 2024) Following a halt to activities owing to two general elections in one year and the subsequent pandemic, the Executives-Parliamentarians Programme (PEP), an initiative promoted by the Círculo de Empresarios, today held the inaugural session of a new phase at the Spanish Parliament (Congreso de los Diputados). The ceremony was presided over … Continued

Economic reality and outlook The region is home to almost 50 percent of the world’s population and accounts for one-third of the world’s GDP Growth slows in 2024, but remains 1.3 pp above the global average All economies show positive growth rates in 2024, with Macao, Cambodia standing out Asia Pacific, the most dynamic region … Continued

(Tuesday, March 19, 2024) Juan María Nin Génova, to date the vice-chairman of the Círculo de Empresarios, has assumed the chairmanship of the business association for the coming three years. He replaces Mr. Manuel Pérez-Sala, who has been appointed honorary chairman by the Board of Directors. The new chairman has appointed Carmen Mateo and Isabel Dutilh, … Continued

Africa, 14% of the world’s population and only 2% of GDP by 2023 ECONOMIC GROWTH IS EXPECTED TO ACCELERATE SLIGHTLY. HOWEVER, TIGHTENING MONETARY AND FISCAL CONDITIONS, DEBT SUSTAINABILITY, CLIMATE CHANGE AND GEOPOLITICAL INSTABILITY ALL POSE UNCERTAINTIES Africa will grow by 2.8% in 2024*, 1.1 pp less than in the pre-pandemic decade 57.8% of the African … Continued

Perception of corruption in the public sector 2023 (CPI) “GLOBAL DECLINE IN JUSTICE AND RULE OF LAW SINCE 2016. THE RISE OF AUTHORITARIANISM IN SOME COUNTRIES CONTRIBUTES TO THIS TREND. EVEN IN DEMOCRATIC CONTEXTS, THE MECHANISMS THAT KEEP GOVERNMENTS IN CHECK HAVE WEAKENED” The countries in the top 25 of the ranking comprise only about … Continued

Global short- and long-term risks (Global Risks Report 2024) In the next two years, 30% of those surveyed foresee a turbulent and stormy global environment, rising to 63% by 2034 4 systemic elements of the global landscape over the next decade Climate change → Trajectories relating to global warming and its impact on Earth systems … Continued

Global radiography of digital competitiveness THE MOST COMPETITIVE ECONOMIES IN THIS AREA ARE CHARACTERIZED BY THE STRENGTH OF DIGITAL TALENT, CULTURE AND INFRASTRUCTURE South-West Asia, Pacific and Africa close the gap with more digitally competitive regions Five European countries in the top 10 most digitally advanced, in part because of their regulation of data protection … Continued

Global attraction of venture capital investment COUNTRIES WITH AN ANGLO-SAXON LEGAL TRADITION, WITH STRONG INVESTOR PROTECTION AND CORPORATE GOVERNANCE, FAVOR DEEPER AND MORE LIQUID CAPITAL MARKETS In 2023, the US extends its leadership as the most attractive country, while the gap between the rest of the countries is narrowing Spain profile Spain’s weaknesses focused on … Continued

As a think tank serving society as a whole, Círculo de Empresarios has a duty to warn of the historic drift of our country towards the erosion of ethical, social and economic standards. Over the past 45 years, Spain has achieved the most outstanding progress in terms of politics and social and economic welfare in … Continued

Health system resources in OECD countries ACHIEVING THE BEST HEALTH OUTCOMES DOES NOT DEPEND ONLY ON THE SHEER VOLUME OF RESOURCES AVAILABLE. EFFICIENT USE OF EXPENDITURE AND  CONSIDERATION OF HEALTH RISK FACTORS AND BROADER SOCIAL DETERMINANTS OF HEALTH ARE NEEDED In 2022, lower pandemic spending needs and impact of inflation moderate total spending to 9.2% … Continued

Historical levels of migration flows THE INCREASE IN HUMANITARIAN (EXC. UKRAINIAN REFUGEES) AND LABOUR MIGRATION EXPLAINS THE INCREASE IN PERMANENT MIGRATION TO OECD COUNTRIES OF 26% OVER 2021 AND 14% OVER 2019 Record levels of permanent migration to OECD countries in 2022 Of the total in 2022, 21% of migration was for work-related reasons, 36.4% … Continued

The pace of global economic recovery slows down IN ADDITION TO THE LONG-TERM CONSEQUENCES OF THE PANDEMIC, THE RUSSIA-UKRAINE WAR AND GEO-ECONOMIC FRAGMENTATION, THERE ARE CYCLICAL CAUSES: TIGHTENING OF MONETARY POLICY, WITHDRAWAL OF FISCAL AID IN THE CONTEXT OF HIGH DEBT AND EXTREME WEATHER EVENTS SIGNS THAT THE POST-PANDEMIC REBOUND IS FADING … Decline in … Continued

Global snapshot of talent competitiveness THE IMD WORLD TALENT RANKING (WTR) ASSESSES THE STATUS AND DEVELOPMENT OF SKILLS NECESSARY FOR COMPANIES AND THE ECONOMY TO CREATE VALUE IN THE LONG TERM. ANALYZES A SET OF INDICATORS THAT MEASURE THE DEVELOPMENT, RETENTION AND ATTRACTION OF HIGHLY SKILLED NATIONAL AND INTERNATIONAL LABOUR The ranking is led by … Continued

Loss of dynamism in European growth GLOBAL CONTEXT OF HIGH UNCERTAINTY AND TIGHTER FINANCIAL CONDITIONS IN WHICH THE EUROPEAN COMMISSION REVISES DOWNWARD EU AND EUROZONE GROWTH FOR 2023 AND 2024 European growth 2.4 pp below global growth in 2023, with slight acceleration in 2024 After being the European economy that fell the most in 2020, … Continued