Business opportunities

With regard to both the economy and international politics, 2007 has been a year of sharp contrasts. A year which ended with serious problems for the world's leading economies and a bleak outlook.

The mortgage crisis, which forced some US banks into bankruptcy, drained the international financial system of ready cash and had a significant effect on the real estate markets and European banks. To this was added the psychological impact caused by the price of a barrel of crude rising to over $100 and the threat of a food crisis in poorer countries.

In spite of the dismal situation, 2007 has in fact been a year of strong global economic growth, at a rate of 3.6%, only slight under the previous year's figure of 3.9%. It is true, however, that economic growth has been very uneven, with rates of only 1.8% in the most developed countries compared with 7.4% registered by developing economies led by China, whose economy grew by over 11%.

The world merchandise trade also experienced a strong growth rate of 7%, although this was exceeded by the growth rate of the global services trade, which registered a rate of 10% in 2007. These figures are no doubt a clear sign that, in spite of everything, globalisation is progressing.

Within the services trade we should highlight the favourable evolution of global tourism, a vitally important sector for the Spanish economy, especially in the light of the current situation in which property development, the driving force behind our economy, no longer leads economic growth and employment. In 2007 global tourism rose by 5.6%, easily exceeding initial forecasts of 4.2%, and all this in spite of high fuel costs, the slowdown of economic growth in the main tourist generating countries (United States and the European Union) and increased security risks in some tourist destinations, such as the Mediterranean.

Forecasts issued by leading international organisations point to a global economic growth of around 3.3% for 2008, maintaining the current situation of reduced growth, and even negative growth in some western countries including the United States and Spain, compensated by the dynamism and strength of Asiatic economies.

The outlook for 2009 sees the end of the deceleration phase of the economic cycle experienced in recent years and experts expect a new growth phase to kick in which would situate the global economic growth rate at 3.6%.

• The ease of doing business
• Enrique Beotas conference
• Galician and Spanish multinationals
• Technology export
• Galician Foreign Trade in 2008
• Cooperation for internationalization
• The Carriage of Goods by Road
• The world economic situation
• Shipbuilding Special Report 2008