This chartbook exposes our outlook for the global and local economy from both a structural (technology, demography, inequality) and cyclical (global trends, US, China, Europe, Spain and emerging countries) perspective. Moreover, we reflect on whether the world will enter recession, the risk of a technical recession in the US, which countries present imbalances that could be heralding a new financial crisis and why Europe is starting to surprise positively, and But also highlight the risks that must be monitored, including the potential formation of a leftist government with populist elements in Spain and its impact on the domestic economy.