The COVID-19 pandemic triggered a historic fall in household consumption in 2020. In the euro area, the decline reached 15.4% in Q2 of that year and stood at –8.1% for the year as a whole, with bigger reductions in the countries hardest hit by the first wave of the pandemic. Unlike previous crises, however, the declines in consumption were not accompanied by similar declines in households’ disposable income.

In this second article devoted to the analysis of investment in Spain, we focus on how investment evolved during the pandemic and we analyse the signals offered by the latest indicators related to gross capital formation.

In this second article on globalisation, we analyse the growing fragmentation of the world economy in recent times, focusing on the decoupling between the US and China, and its effects.

The recovery will have to face a new hurdle in the short term. While this should not change its trajectory, it could once again cloud the economic landscape over the coming weeks, at least until we have all the necessary information to refine the health and economic policy responses.

But for once, to start the year on a good footing, permit me to dare to highlight what is going well, and the things that can go even better, of which there are plenty.

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 COVID-19 crisis would have led to a sharp increase in inequality if the actions taken by the public sector had not cushioned it to some extent. The high levels of inequality recorded during the peak of the crisis are gradually decreasing thanks to the recovery in business. 

In the US, two major economic investment and modernisation plans have been launched in recent years which represent a very different model from the European one, with a more protectionist approach. The transformative efforts in energy and technology did not arise from the need to boost the economy after COVID, as was the case in the euro area with the European NGEU funds, but rather from the need to strengthen the US’ autonomy and strategic position.

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?

While economists have been incorporating big data into their analyses for a number of years now, the COVID-19 pandemic has produced a veritable revolution in real-time economics. The latest contribution from the CaixaBank Research team to this revolution is the Real-time economics portal, launched on 8 November 2022.

The recovery of economic activity is finally a tangible reality, clearly reflected in the main economic indicators. Having plummeted to more than 20% below the pre-pandemic level, by Q2 2021 GDP had recovered nearly two-thirds of the lost territory. But is the economic recovery reaching all pockets?

Emerging economies will experience a clear recovery in growth in 2021 and 2022. According to our latest projections, this decline will give way to growth of 4.8% in 2021 and of 3.8% in 2022. But the real key for the emerging world right now is not the recovery itself, but how unequal it is going to be.

In this article, we will focus on the policies that must drive the digital transformation of EU Member States and, in particular, the Spanish economy.

«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.

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.