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The surprising outcome of the primary elections left an open end to the October voting and heightened uncertainty, increasing volatility and further worsening expectations for the coming year. We maintain our scenario of recession and high inflation for 2023 and 2024.
In the last two decades China has substantially increased its importance both in the world trade of goods, tripling its weight in world exports and imports, and in the trade of services and capital. This is reflected in substantial changes in China's bilateral economic relations with many countries, including Spain.
