Miguel Cardoso |

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Miguel Cardoso

BBVA Research

Chief Economist

Miguel Cardoso is Chief economist for Spain and Portugal at BBVA Research, where he leads a team of 10 economists focused on macroeconomic, sectoral, and regional analysis of the Spanish economy. At BBVA Research, he has also served as Chief economist for Chile and as a Senior economist for Emerging markets.

Previously, he was a Professor and Researcher in the Department of Economics at Universidad Carlos III of Madrid, and an Advisor to the Director General of Fiscal Planning at Mexico’s Ministry of Finance and Public Credit.

He holds a Ph.D. in Economics from the University of Minnesota in the United States and a Bachelor’s degree in Economics from the Autonomous Technological Institute of Mexico (ITAM).

Latest publications

Spain | Fiscal shield against the energy crisis: timely and temporary, but not targeted

April 7, 2026

The government’s measures arrive on time and can cushion part of the war’s impact on economic activity and prices if the shock is temporary. If energy prices continue to rise, more targeted measures will be needed—ones that do not distort price signals.

Spain | Higher inflation, slower growth: the cost of the conflict

March 23, 2026

The quote “it is difficult to make predictions, especially about the future” is attributed to Niels Bohr. Today, it is even more so in an environment of high uncertainty. The increase in costs caused by the war between the U.S. and Israel against Iran will have negative effects on the Spanish economy.

Spain | Grow without immigration?

February 16, 2026

Population aging will make immigration necessary in the coming years. This should be compatible with an effort to diversify the sources of growth.