January 2026 | No. 507

January 2026 | No. 507

Editorial

Words for the economic labyrinth

José Ramón Díez

Key points of the month

Outlook and challenges for the Spanish economy in 2026
Oriol Aspachs

Forecasts and indicators

Forecasts and indicators - January 2026

Financial markets

Geopolitics fails to dampen market risk appetite
CaixaBank Research

International economy

The global economy, from resilience to settlement
CaixaBank Research
Characterisation of the business cycle in the EU: neither widespread, nor robust
David Martínez Turégano
The new map of US goods imports
Isabela Lara White
The Belt and Road Initiative: a double-edged sword? (part III)
Sergi Artés SebastiàLuís Pinheiro de Matos
China’s alchemy: how it transforms critical minerals into global power
Luís Pinheiro de Matos

Spanish economy

The Spanish economy weathers the tariff storm
CaixaBank Research
Has employment growth in Spain been of higher quality since the pandemic?
Oriol Carreras BaquerSergio Díaz

Portuguese economy

The positive trend in the Portuguese economy continues at the end of the year
CaixaBank Research

Dossier

The key ingredients for Spain’s regions to boost productivity
David Martínez TuréganoOriol AspachsJavier García Arenas
Key factors driving productivity improvements at the European regional level
David Martínez TuréganoOriol AspachsJavier García Arenas
Factors shaping regional productivity disparities in Europe
David Martínez TuréganoOriol AspachsJavier García Arenas
European productivity from a regional perspective
David Martínez TuréganoOriol AspachsJavier García Arenas

Forecasts and indicators - January 2026

19 January 2026