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Digitalisation is also a key transformation in the current industrial revolution (which will bring us Industry 4.0). Where does Spain stand in this field?
The pandemic caused a sharp drop in international trade and tourism in 2020, leading to a significant contraction in exports of goods and services. Nevertheless, the Spanish current account balance remained positive and ended the year with a surplus of 0.7% of GDP.
What role can central banks play in the fight against climate change? How could the ECB incorporate climate criteria into its decision-making processes, within the framework of its strategic review?
In this article, we analyse the impact of the green transition on the financial markets by contrasting the effects of an orderly climate transition with those of a disorderly one.
While expected, the rise in inflation is causing discomfort due to the high levels that have been reached and the risk of it persisting at those levels for longer than desirable without investors being startled.
NGEU is a powerful anti-cyclical policy, but there are many doubts about its potential scope and long-term legacy. If high-quality programmes are chosen, effectively developed and accompanied by useful reforms (the conditions attached to the disbursements could play an important role), a very high impact and potentially even permanent benefits could be achieved. If not, the boost to growth will be only fleeting.
As is tradition, the November edition of the Monthly Report includes the Dossier in which we analyse the economic outlook for the coming year. On this occasion, we have selected three topics that deserve special attention. Firstly, we look at the outlook for the global economy in 2025, as a year threatened by the division between economic blocs. Secondly, we focus on the easing of monetary policy that lies ahead, now that the disinflation process is on track and economic activity is showing signs of a slowdown. Finally, we analyse the state of the Spanish economy going into 2025, after several quarters with better-than-expected performance in the macroeconomic sphere that have forced us to revise our growth forecasts upwards.
This month we celebrate 500 issues of our Monthly Report by taking a deep dive into the current economic situation and focusing on other hot topics, ranging from the gold price rally and the depreciation of the dollar in the financial markets, to investor apathy in the US and India’s role as a player in the international economy. As for Spain, we stop to examine the financial solidity of the country’s firms and the recent growth of public consumption. Thank you for continuing to read our publication!