In the midst of growing uncertainty, we have produced the chartbook, ‘When Recession is a Bigger Concern than Inflation’, in which we analyse the key macro variables used to forecast the evolution of the economy. In order to best assess the environment and to make the right decisions, an analysis of this sort is critical. In the chartbook we update our global and domestic forecasts for 2022, 2023 and 2024 regarding growth, inflation, interest rates, financial markets and the real estate sector. Additionally, we highlight the most worrisome risks and their foreseeable impacts, such as a potential cut-off of Russian gas to Spain and its subsequent implications. The document is accompanied by the video of the conference (Spanish version only)