Articles

The global economy is increasingly shaped by geopolitical blocs, reflecting the weakening of multilateralism. Spain has been resilient to this disruption thanks to its strong competitive position with other EU countries; but, this hides structural export
weaknesses with non-EU regions, notably the U.S. and China, underscoring the need to revitalize the single market and boost investment.

Spain has led the EU in securing and allocating recovery funds, but actual disbursement and material execution remain slow. Heavy reliance on current expenditure and fragmented projects risk undermining the program’s structural impact.

Este trabajo muestra cómo España ha logrado mantener un superávit exterior en un mundo cada vez más fragmentado, pero también cómo ese resultado encubre dos caras muy distintas. Dentro de la Unión Europea, nuestras exportaciones han crecido; sin embargo, fuera de Europa el déficit comercial con el resto del mundo se ha agravado.