November 2026| No. 516

The global economy is approaching 2027 having shown remarkable resilience to the successive shocks of recent years. In the «2027 Outlook» Dossier, we assess how far this resilience can extend in a challenging environment marked by energy tensions, their impact on inflation and financial conditions, and uncertainty over the investment cycle in artificial intelligence. We examine the outlook for the global economy, we assess how the new inflation environment will shape central bank decisions and public finances, and we focus on the Spanish economy, whose resilience rests on three pillars: a broadly sound financial position, strong domestic demand and buoyant services exports.