Focus on Spain: macroeconomic projections and fixed income view

The global background and the Spanish macroeconomic snapshot: The energy crisis in Europe, coupled with supply chain bottlenecks worldwide, and accelerated monetary tightening are the major headwinds for the Eurozone and for the Spanish economy. The rising risk of stagflation is causing drastic cuts to growth estimates and is raising inflation forecasts simultaneously, to such an extent that GDP growth in Spain has been revised down to 4.2% for 2022 and to 1.4% for 2023 while the Eurozone is expected to grow by 2.4% in 2022 but slow to 1.3% in 2023.