Davos gives Spain a thumbs-up for its performance
In a context of global geopolitical and economic pessimism, world leaders met last week at the annual meeting of the World Economic Forum in Davos. Mireia Cano, Team Leader at 11Onze, summarises the highlights in a new episode of Estat de la Nació.
The atmosphere was as gloomy as the clouds hovering over the Swiss Alps. During this year’s geopolitically dominated talks, some foresaw regional pockets of recession in countries – especially on the European continent – directly exposed to the Ukrainian conflict and global supply chain problems, while others painted an equally grim global picture.
The Ukrainian war, added to other factors such as runaway inflation and an agri-food crisis that may have global repercussions, are rightly worrying business leaders. As Cano explains, “the managing director of the International Monetary Fund, Kristalina Georgieva, warned that the coming situation is one of the most critical since the Second World War“.
Default rate could slow down the recovery in Spain
The Spanish President, Pedro Sánchez, went out of his way to give an optimistic view of the strength of the Spanish economy. In this sense, he enthusiastically detailed the keys to the recovery, answering the question of the forum’s president, Børge Brende, on the recipe for success for the restart of the Spanish economy.
Even so, there are still challenges to be resolved that could jeopardise this recovery. As Cano explains, despite the fact that “Spain has been given credit for good economic management, because unemployment has fallen and investments and reforms have been made”, one cannot lose sight of the fact that “a few weeks ago the Bank of Spain itself warned of a more than likely increase in default risk because companies and families will not be able to repay the loans”. Therefore, Mireia Cano points out that “perhaps they want to see the glass as half full”.
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