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, which is at record levels of 2016, mainly due to the impact of trade tensions between the US and China, the fears associated with Brexit, the weakening of the multilateral trade, the lack of leadership, and the rise of populism.

Globally, the slowdown in growth is confirmed, although better prospects are maintained for 2020. In advanced economies, there is a less robust & synchronised progress, symptoms of nearing the end of the expansion phase of the business cycle, and the US & euro area economies are decoupling. The US maintains a growth rate of over 2% per year & an unemployment rate at record lows, although the expansionary effect of its fiscal policy is beginning to subside. On the other hand, there is less dynamism in the EU, mainly due to the weakness of the German industry, the political & economic fragility of Italy, and the institutional crisis of the United Kingdom stemming from the indetermination of the final agreement of the Brexit.

Macroeconomic imbalances persist in emerging countries, mainly in Turkey and Argentina, given their high debt levels, and the evolution of their growth & inflation rates. All this in a context contingent on the monetary policy of the main central banks, the evolution of oil price & other raw materials, the trade war, and lower profits margins.

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