Presentation on the Economic Prospects for 2010

On Tuesday, 4 May, around 100 Mercabarna businessmen and women attended this presentation, organised by Mercabarna Licensees' Association (ASSOCOME). At the event, two representatives from Banco Bilbao Vizcaia Argentaria (BBVA) talked in depth on the causes and effects of the current global economic crisis and revealed the economic prospects for the coming years.

Miguel Cardoso, an economist from BBVA’s Economic Studies Service, provided detailed insight into the current economic situation and gave his opinion on the future evolution of the economy in the short and medium term in Catalonia, Spain, Europe and the US. According to Cardoso, several macro-economic indicators such as increased exports or the recovery in the GDP growth rate give rise to optimism, but the high level of unemployment and the enormous debts of Spanish families suggest “a slow recovery of the Catalan and Spanish economies". This recovery will be marked by austerity in consumption by families, in business initiatives and in the national audit. At a world level, Cardoso forecasts a noticeable increase in the price of foods caused by the greater demand from developing countries, which will become importing countries.

Benet Soler, Executive Director at BBVA Global Markets, gave details on the financial panorama that will follow the depreciation of the euro, which according to Soler will stabilise at around the $1.20 mark. He also informed those attending on the covers available for currency exchange rate risk management.

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