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This presentation reviews recent events related to the global economy, as well as forecasts focusing on Mexico, highlighting the most likely scenario, which is greater integration with the US.

In the midst of a year of global uncertainty, both due to economic and geopolitical factors, Latam has shown a particular resilience that has manifested itself in the appreciation of its currencies and the reduction of its risk premiums.

This presentation analyzes the global outlook (recent developments and forecasts), and focuses on the EU and Asia trade and capital flows, as well as the challenges both areas face arising from global changes and the reshaping of the world order.

This year, the spring meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington were characterized by noise. The biggest concerns remain the impact of tariffs on the economy and on financial assets, especially the dollar.

Colombia’s automotive sector showed signs of recovery in 2024, with a 7.9% sales increase driven by utility vehicles and taxis. Domestic production declined significantly, while imports grew. Improved macroeconomic conditions are expected to further boost the sector in 2025 and 2026.

Amid the current environment, uncertainty over the trend in global (mainly) and local economic policy is currently very high, which can have significant and hard to predict consequences on the decisions of households and businesses alike.

As the end of the year draws to a close, we find the Spanish economy in job creation mode, but with steadily increasing uncertainty over global economic policy.