ESADE Alumni invites you to a Refresher Programme workshop, ''Investment options in the new growth phase of Spain's economy'', by Gonzalo Bernardos, director and visiting professor in the Department of Economics, Finance and Accounting.
In the 2015 tax year, the Spanish economy entered a new growth phase. A slow macroeconomic recovery shifted into fast gear driven mainly by four factors in the international scenario: a slump in oil prices, a considerable drop in the euro, the purchase of government bonds and some private bonds by the ECB, and the shift in tourist destinations from some Maghreb countries and Turkey to Spain. In 2015, Spain’s GDP climbed by 3.2%: double that of Germany (1.7%), more than two and a half times that of France (1.2%), and four times that of Italy (0.8% )
Bernardos believes that the Spanish economy will grow by around 3% p.a. between 2016 and 2020. Favourable winds in the international economy will lose some force and be replaced partly by greater domestic demand driven particularly by higher household spending and private investment and, most importantly, a return to normal levels in the construction industry.
When considering the upsurge in domestic demand, the significant contribution made by exports to Spain’s GNP must not be overlooked. The drop in wages during the crisis years has combined with a hike in labour productivity to increase the competitive edge of Spanish companies considerably in both in the services sector (a traditional bastion of Spain’s economy) and goods (a traditional weakness). Recent figures reveal an upswing in the latter. Between January and June 2016, Spanish exports increased by 2.3%, more than those of any other major country in the world economy, outstripping Germany (1.7%), Italy ( -0.2%), the world as a whole (-5.2%), United States (-6.4%) and China (-7.8%).
Against this backdrop, Bernardos will examine the key factors in this new growth phase and the opportunities and risks entailed in different investments: equities, fixed income, housing, other property assets, foreign currency and gold. Opportunities in real estate – and housing in particular – deserve a special mention, opportunities stemming from a combination of high economic growth, robust job creation and, in particular, interest rates at historic lows.
Gonzalo Bernardos Domínguez
He's guest professor/executive at ESADE. PhD in Economics (University of Barcelona, 1994). Excellent Cum Laude and outstanding award of the School of Economics.
Associate professor, Department of Economic Theory, University of Barcelona (UB)
Professor, UOC (Open University of Catalonia)
Professor, IBEI (Institut Barcelona d’Estudis Internacionals)
Profesor, Business, Marketing and Finance School, Bilbao
Vice chancellor of Economics (UB) (Jan. 2010 – Oct. 2012)
Commissioner of Economic Resources (Nov. 2008 – Dec. 2009)
Member of Rector’s Team (UB) (Nov. 2008 – Oct. 2012)
Director of the Master in Property Consulting and Advisory Services (UB)
Director of the Master in Franchise Creation, Management and Development (UB)
Director of the Master in Personal Development and Leadership (UB)
Researcher at CREB (economics of wellbeing research centre), (UB)
Creator of Certificate in Property and Construction Studies (UB)
Director of the Forcadell – UB Property Report
Regular participant in TV programmes Al Rojo Vivo, Más Vale Tarde, La Sexta Noche (La Sexta), 8 al Día (TV8) and the radio programme El Món a RAC 1 (RAC 1)
Regular contributor to the blog Voces Económicas.
Has been a regular contributor to the TV programmes Espejo Público (Antena 3), Queremos Opinar (Intereconomía), Divendres (TV3), La Rambla (BTV) and Catalunya Opina (Canal Català)
Has collaborated in the radio programmes La Nit a RAC 1 and Via Lliure (RAC 1), El Matí de Catalunya Radio (Catalunya Radio) and El Matí a Quatre Bandes (Radio 4)
Has been a regular contributor to Expansión, El Periódico and Ara.
Has published 27 books and leading reports including particularly La Gran Mentira de l’Economia (Ed. Destino), ¿Cómo Invertir con Éxito en el Mercado Inmobiliario? (Ed. Netbiblo), Estrategias de Desarrollo Económico para la Provincia de Lleida (Ed. Diputació de Lleida) and ¿Cómo Comprar una Vivienda en España (Ed. Infoaccia).
Has published 253 articles in Spain’s main newspapers and journals.
Has given 297 conferences about the economics of the property market, the Spanish economy, the international economy and business strategy.
Each member may bring a maximum of one guest.
See you there!
How to get to ESADE:
Public transport: Bus (22, 64, 78, 63 and 75), Metro (L3 Maria Cristina) and FGC (L6 Reina Elisenda).
Car: NEW municipal parking B: SM in c / Marqués de Mulhacen, 51.
For further information: