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Once domestic demand reflects the effects of the interest rate hikes, the hardest part of the central banks’ work will have been largely completed. The problem is that the markets are already – perhaps precipitously – pricing in an imminent shift in monetary policy.

The recent publication of the European Commission’s 2024 Ageing Report is an important milestone for the Commission’s evaluation of the 2021-2023 pension reform planned for 2025 and will determine whether further measures are needed to ensure the system’s sustainability.

The global demographic structure is undergoing a profound transformation and it is becoming less and less like the classic pyramid with a wide base formed by young people and a vertex with the elderly. This change in the silhouette reflects a transformation that will require profound changes in a social system based essentially on working generations funding retirees.

The Greater Lisbon region accounted for 18% of all home sales in Portugal in 2023. Of these, 23% involved buyers with tax residence outside Portugal and the EU.

The major changes in relations between blocs that are taking place in 2022 are driving profound structural transformations in areas such as technology, defence and energy policy. Furthermore, gas, a key component of the energy transition, has recently become a political weapon, putting the many countries and industries that rely on this energy source on high alert.

The tightening shift in the Fed’s monetary policy in an attempt to combat inflation already seems to be having a negative impact on the country’s real estate sector. The key question here is: will we see a controlled slowdown or will it be a hard landing?

The Spanish economy continues to stand out for its dynamism. In addition, behind the strength of the main indicators, there are several factors that point to the consolidation of a solid expansion cycle, which also helps us to understand the confidence that households, businesses and investors are showing.

The latest update of the IMF's World Economic Outlook highlights stable growth expectations for the global economy (GDP +3.3% in 2026 and 3.2% in 2027). Technological dynamism, particularly investment related to AI, continues to sustain economic activity, especially in the US, offsetting the adverse effects of persistent trade tensions and high geopolitical uncertainty. In this environment, the IMF anticipates a gradual slowdown in international trade (+2.6% in 2026 vs. 4.1% in 2025), and economic activity is showing uneven dynamics. 

With the international order in the midst of an adjustment, we are entering the summer period with a feeling of tense calm, faced with a challenging geopolitical scenario to which a new layer of complexity is added every week.

We analyse the support measures for households, the productive sector and those aimed at reducing electricity bills designed by the Spanish government to alleviate the effects of high inflation in 2023.

While employment in Spain far exceeds pre-pandemic levels, the number of hours actually worked has grown at a slower pace since then. The significant increase in absenteeism due to temporary disability has been one of the main factors behind this trend.