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In the midst of the Fourth Industrial Revolution and an intense geopolitical battle that is likely to lead to a multi-polar world, the major economies must choose their game-play strategy.

The key for the coming months will be to reach the turning point in the pattern of inflation, at which point an end will be in sight for the most aggressive cycle of interest rate hikes in the last 40 years, and this in turn ought to reduce volatility in the financial markets.

Debates about inequality often focus on dispersion in wage levels and omit one very important aspect: inequality in wage income also depends on the «intensity» of employment, that is, on whether people are working at all and, if so, how frequently. Spain is a prime example, with a high rate of temporary employment (25.1% in Q2 2021) and a proliferation of ever-shorter labour contracts which has a marked impact on inequality.

The economic crisis generated by the COVID-19 pandemic is deep, that much is well known, but its impact is also proving to be very different from region to region. This also makes the pressure on inequality highly varied. There are several factors that can explain the large regional differences, such as the strictness of the measures imposed in each area or the differing production structures.

In the midst of the storm sparked by the pandemic, the real estate market has maintained a positive tone. Although the heightened uncertainty and the restrictions led to the postponement of home purchase decisions, prices decelerated only slightly and still rose by around 8% in 2020.

In a context of unusually high inflation, the Federal Reserve and the European Central Bank have stepped up and are in the midst of the monetary policy normalisation process, albeit at different rates.

The summer of 2025 – one of relative calm in the financial markets despite the volatility of the macroeconomic environment – has brought with it a change of gear between the Fed and the ECB. While France is emerging as a new source of instability, in the US sovereign rates are adjusting to monetary policy expectations, but they do not seem to fear institutional risk. The stock markets enjoy another month of gains, and among commodities, crude oil remains stable and gold reaches a new high. 

The indicators published in recent weeks confirm the good health of the Spanish economy, with growth in Q1 once again beating expectations and recording the highest rate among the major euro area economies.

The evolution of the economy points to a change of phase: the beginning of a relaxation of monetary policy worldwide.

We are witnessing the first strikes of the transformation process in which the world economy is currently immersed and which will test everything from trade relations between the major economic blocs to the solidity of the institutions that have generated well-being in recent decades.

The household savings rate has risen in Spain to even exceed the level reached in the years prior to the pandemic thanks to the significant growth of disposable income. Where are these increased savings being allocated and what are the consequences?

The year-end data for 2023 confirm that, despite a fall in their revenues, businesses have continued to generate lending capacity and to reduce their levels of debt to the lowest they have been in over two decades.

This year’s return to fiscal rules – as safeguards of the sustainability of public debt – and the persistent shortfall in investment needed to address the EU’s priorities in the current geopolitical context create a scenario marked by frictions that requires a coordinated fiscal strategy that far exceeds the horizon of national and EU political mandates, both in duration and ambition. Therefore, it is essential that the differences that exist, as well as some taboos that have characterised the EU’s economic history on other occasions, are overcome.

After examining how philanthropy is perceived in Spain, and the main charitable causes that Spaniards support, in this third article of the Dossier "Solidarity in Spain: snapshot of a committed society" we address the socio-demographic characteristics of donors who collaborate financially with non-profit entities.

While in December 2022 our GDP growth forecast for 2023 was 1%, finally the Spanish economy has managed to grow by an impressive 2.5%, in spite of the geopolitical uncertainty, persistent high inflation (despite its decline in recent months) and rising interest rates.

In an environment marked by geopolitical uncertainty, high interest rates and cooling global demand, the major advanced economies ended 2023 more resilient than had been anticipated a few quarters ago,