After having anticipated in May, against mainstream economic consensus, that Spanish GDP would fall by more than 10% in 2020, we also deviated from widespread opinions and pointed out that in 2021 already in July that the recovery of the economy could bring positive surprises. We based our analysis on our close monitoring of the medical situation, on what was happening in comparable countries, and on what happened to the economy during the lifting of lockdowns to draw useful conclusions for the future.