Esade has published its 39th Economic and Financial Report, titled “Energy capabilities for a new economic era,” providing a comprehensive assessment of the evolving intersection between energy policy and economic stability. Supported by Banco Sabadell, the report argues that energy has transitioned from a standard production cost into a fundamental infrastructure for national competitiveness, security, and strategic autonomy.
Academic director Omar Rachedi highlights that while Spain maintains growth above the eurozone average, the international landscape has shifted significantly. The report notes that energy policy is increasingly becoming indistinguishable from technology policy, particularly as artificial intelligence integration demands new energy frameworks.
The international outlook, authored by Josep M. Comajuncosa, warns that disruptions following the conflict between the United States, Israel, and Iran—specifically the closure of the Strait of Hormuz—have replaced fears of immediate recession with concerns over persistent inflation. The IMF currently projects global growth at 3.1% for 2026, with the euro area expected to slow to 1.1%.
On the domestic front, the report identifies a “transition moment” for the Spanish economy, with growth projected between 2.2% and 2.3% for 2026. Experts emphasize that previous growth drivers, including tourism and European funds, are losing momentum, shifting the primary challenge from demand-side management to supply-side strengthening.
Contributing experts from the Banco de España, Real Instituto Elcano, and Comillas ICAI argue that Europe must prioritize flexibility, interconnection, and storage. The report frames “selective fortification” and the electrification of industrial and transport sectors as essential steps for Europe to navigate a competitive landscape caught between the US “petrostate” and the Chinese “electrostate” models.