NGEU represents an extraordinary opportunity to give the Spanish economy a new modernising boost, but effective institutional mechanisms will be essential in order to make the most of it.
Search at CaixaBank Research
Search results
1934 results found for Euro digital
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.
What’s behind the semiconductor shortage? Is it a transitory phenomenon attributable to the pandemic or does it also reflect structural factors linked to the specific characteristics of the sector?
The COVID-19 crisis has been a shock on a global scale, but its economic impact has been quite uneven from country to country, reflecting differences in productive structures and public policy response. Given this asymmetry, it is no surprise that the recovery is also occurring at very different paces, exacerbated by the discriminatory access to the vaccines and the continuous new outbreaks of the virus.
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.
Climate change represents a key challenge for the real estate sector and for the entire Spanish economy. In this article, we analyse the risks associated with extreme weather events and the transition risks which the sector must address, as well as the role of public policies.
The health crisis caused by COVID-19 has represented an unprecedented shock for Spain's tourism sector. Demand indicators confirm that the stoppage during the months of lockdown was total, both for international and domestic tourism. The end of the state of emergency and the recovery in international mobility within the EU have helped to revive flows of tourists to Spain. The outlook for the coming months points to a relatively rapid upturn in domestic tourism with a more gradual recovery for international tourist flows, although the delicate situation of the pandemic will still be a major source of uncertainty.
The problem of housing affordability, both rental and ownership, has worsened in recent years and is particularly affecting certain groups such as young people. Solving this issue is no easy task and requires action to be taken on multiple fronts and over an extended time horizon. Public-private collaboration is essential for boosting the supply of affordable housing, and industrialised construction shows promise as a new way to help overcome the major challenges that the sector is facing, such as attracting skilled and female labour, while promoting more digital and sustainable construction methods.
The tourism industry is a key sector for Spain's economy and the decline forecast in tourism for 2020 will have a major impact on the country's level of economic activity. However, this economic impact will not be spread evenly throughout Spain as there are big differences between regions in the relative importance of the tourism sector. We expect the islands and Mediterranean communities to be more exposed than the average in Spain, while inland regions will suffer less.
The outlook for the Spanish economy and its sectors is positive. We expect to see a higher growth rate in sectors linked to the digital transition, such as ICT and professional services, as well as in sectors where the Spanish economy is highly competitive, such as the pharmaceutical and tourism sectors.
The outbreak of war in Ukraine has overshadowed the positive outlook we were forecasting for the Spanish economy in 2022. While, at the end of last year, some factors had already appeared on the scene that hindered the economic recovery, the armed conflict in Ukraine has become the main focus of attention and the major conditioning factor for short-term economic developments.
COVID-19 is having a huge impact on economic activity in Spain and, in particular, on the tourism industry. At CaixaBank Research we expect GDP to fall by between 13% and 15% in 2020, not returning to its pre-crisis levels until 2023. The outlook in 2020 is even grimmer for Spain's tourism industry as it is one of the sectors hardest hit by the pandemic.
Dossier
Digitalisation and european funds: a winning pair
Tourism expenditure from the United States in Spain has shown a marked slowdown since late 2024. This deceleration partly reflects the normalization of tourism growth after the pandemic, as well as macroeconomic factors such as the appreciation of the euro against the dollar and deteriorating growth prospects for the US economy. However, since these factors operate with a time lag, it is likely that the current slowdown also stems from rising uncertainty surrounding US economic and trade policies impacting Americans' propensity to travel to Spain. Considering that in 2024, US tourists accounted for 4.6% of total arrivals and 7.1% of international tourist spending in Spain, this slowdown could potentially subtract up to 1 percentage point from growth of tourism GDP in 2025. Certain regions, particularly non-coastal urban areas, could experience greater impacts due to their higher dependency on American tourist expenditure. Thus far, the sharpest slowdown has been observed in rural areas, where the share of American tourists is comparatively smaller.