Chairman of Banco Sabadell, Josep Olíu, avoided sign this tuesday Approval of Head of Government Pedro Sánchezthat Spanish economy ‘runs like a motorcycle’“, but he has made it clear in his own opinion that, develops positively And, In any case, don’t you see a chance of a recession? in the short term.
This was pointed out at the time of his participation. General assembly of the Alicante State Institute of Economic Research (Ineca) as the main guest and chatting with the BİLGİ Club manager, Tony Cabot.
“Not that I ride like a motorcycle, goes as it goesall right,” he assured when asked about Sánchez’s statement. So Oliu remembered that most work cabinets had made a guess. Spanish GDP growth 2.3%This figure is well above the 0.2% estimates available for the euro area as a whole and also above the 1.3% estimated at the beginning of the year. In addition, the banker considers it to be inadequate and rose to about 2.6%.
“Spain is not in crisis”He insisted that measures were taken after the “shock” caused by the pandemic, and also reminding that the restoration of supply chains allowed for a speedy recovery. to get better It consists of two main sectors. tourism And car. “Demand continues to be strong both internally and externally and we are competitive,” reminding him, after covid, “people needed mobility and fun, and in Spain we take advantage of that”.
In this context, many people in September “it would be a disasternothing happened. Thus, he underlined, among other indicators: financial default did not increase and even consumer credit is reintroducingbecause with the fall in the CPI, salaries are starting to regain their purchasing power and improve workers’ expectations.
risks
In any case, he did not want to hide the risk factors that he highlighted among them. excessive public debt As he himself pointed out, it will have to deal with new regional governments that are being formed and the future government that will emerge from the next general election.
“The world and markets in Europe do not accept deficits those who are not within the framework of stability. This is a limitation,” he added, warning that this situation will force it.review some expenses“Something he believes in” won’t be “politically good” for anyone with a responsibility to do it, but it will touch him.
Regarding inflation, Oliu thinks that the maximum peak of energy prices has already occurred, but Core inflation remains highWhich Eliminates a possible drop in rates. As such, the Sabadell chairman does not believe the ECB will raise the coin’s official price “well above 4%”, but thinks it will take a little longer than many analysts predict for rates to fall.
Regarding Alicante’s economy, Sabadell’s president thinks it’s going through a period. good cyclical momentDespite the revival of tourism structural problems dragged along and detailed earlier by the Ineca president, Nacho Amirolwith. problems like low per capita income resulting from low productivity.
In this context, Josep Oliu, small business size or too many unemployment may suppress the growth of the province, but the great “potential” of this is a diversified economy and most importantly, according to him. “entrepreneurial spirit”.
Regarding the bank’s plans in Alicante, it is stated that its purpose “Continuing to be a reference bank in the province”. Therefore, he pointed out that, thanks to CAM’s legacy, approximately 40% of individuals and 25% of companies in the region have an account in the organization, with Alicante accounting for 10% of the group’s global business. It’s something they want to keep promoting.
“CAM consolidated us as a major national bank”
Sabadell’s chairman, Josep Oliu, assures him that he “does not regret” being rewarded with the financial business of the defunct Caja Mediterráneo (CAM) after this organization’s intervention. “On the contrary, it was the most important acquisition for Sabadell, at least in my active life at the bank,” he stressed. “It was the operation that cemented us as one of the major national banks,” added when asked by INFORMATION Club director Toni Cabot.
Likewise, he insisted that he sees no reason to relocate the bank’s headquarters in Alicante since 2017, after the independence struggle in Catalonia, for the time being.