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Since the outbreak of the COVID-19 pandemic, American households have been much more pessimistic than one would expect given the current state of the US economy. Why is this? Is the same thing happening in Europe?

«It's tough to make predictions, especially about the future». This was said by a worldly man, Yogi Berra, and he's still absolutely right, especially at uncertain times like the present. This article attempts to explain why 2021 is going to be a very different year from 2020 and specifically in which aspects.

In recent quarters, the global economy has shown remarkable resilience and we estimate that it could have grown by around 3.0% in 2023. With this starting point, we explain the latest revision to our global economic forecast scenario and the outlook for monetary policy.

As a result of teleworking, remote education and the restrictions imposed on more social forms of entertainment, we have witnessed an increase in the consumption of technological goods compared to other categories of consumption. While in the first article of this Dossier we analysed the global demand for these goods during the pandemic and its possible persistence in the post-COVID world, in this article we focus on the case of Spain.

One of the main topics of discussion in this current phase of economic recovery is, without a doubt, inflation. In 2021, it has reached levels not witnessed since 2008 in the US, while in the euro area it is likely to reach levels not seen since 2012, fuelling risks of inflationary pressures. In fact, the latest inflation data have been notably higher than anticipated, especially in the US. In this context, we wonder to what extent these surprises have had a significant impact on the financial markets.

The European Central Bank is reviewing the operating framework with which it implements interest rates. In this article we examine the main question marks in the process.

Having laid out the complex trade relationship between the United States and China, we continue to analyse the phenomenon of de-risking among the major economic powers, focusing on the European Union.

We continue to analyse the phenomenon of de-risking among the major economic powers in a new instalment of articles dedicated to international trade and geopolitics. In this first article, we will focus on the United States and China, and in a second edition, on the European Union.

Public policies play a key role in helping technological advances to emerge and spread throughout the economy. In this article we address the dissemination of technology and the role of public policies in this process.