July 18, 2019
Pedro Ezquiaga studied Economics at the Universidad Autónoma de Madrid, where he carried out several student representation tasks. He has also taken a university specialization course in Economic-Financial Analysis at Escuela de Empresa
Pedro did an internship through the Erasmus+ program at AB InBev's headquarters in Prague and did a internship during a year in the global macroeconomic scenarios team at BBVA Research.
Global growth continues in a smooth downward path, led by the weakness of the industrial sector and exports due to trade tensions. Persistent low inflation led central banks to reassess their monetary policy stance. We revised downward our world GDP forecast 0.1pp to 3.3% for 2019 and 2020, with strongly downward risks
May 31, 2019
Eurozone | Growth gained momentum in 1Q19, but trending to moderate amid increasing risks
Hard data up to March point to domestic demand as the main driver of growth supported by the resilience of consumers and improving labour market. The better performance of exports to other EU countries offset the decline of those to Asia, raising doubts about foreign support and the sustainability of industrial growth.
Up to March hard data was mixed: retail sales are still strong, but contrast with the weakness of industrial sector and global trade. Soft data slid again in April: manufacturing confidence remains gloomy, while services PMIs fell in DM and EM increasing concerns about contagion effects from trade and manufacturing.