Head of Economic Analysis
Rafael Doménech is the Head of Economic Analysis of BBVA Research and Professor of Economics at the University of Valencia.MSc in Economics, London School of Economics. PhD in Economics, University of Valencia. Director General at the Economic Bureau of the Spanish Prime Minister (2007-8). He also has been director of the International Economic Institute and member of the Advisory Board of the University of Valencia. External researcher of the Spanish Ministry of the Economy and Finance and the Fundación Rafael del Pino. He was appointed by the Spanish Government as a member of the Expert Committee on the Sustainability Factor of the Public Pension System.Fellow of the Spanish Economy Association. He has been member of the editorial boards of the main Spanish journals in Economics. He has published numerous articles in well-known international scientific journals on economic growth, human capital, business cycles, and fiscal and monetary policies. He is author of two books on the Spanish economy: The Spanish Economy: A General Equilibrium Perspective (Palgrave MacMillan) and En Busca de la Prosperidad and La Era de la Disrupción Digital (Deusto).
In a context of high uncertainty due to the war in Ukraine, the energy shock and higher and more persistent inflation than expected over the last year, forecasts for Spain point to an economic slowdown in 2023, with GDP growth at 1.2%.
Spain must combine fiscal consolidation and budgetary stability with growth. It must increase the weight of productive public expenditure over total public spending and improve its efficiency, as a strategy for inclusive progress, in order to reduce inequality with the creation of quality jobs and greater productivity.
The main developments this year are the 8.5% revaluation of pensions in accordance with average monthly inflation from November 2021 to 2022 and the 15% increase in non-contributory pensions.