Executive Search in Spain – 2021 Outlook
2020 Will Cast a Long Shadow
The Spanish economy has contracted by 11.0% in 2020 and could grow by 5.5% in 2021 and 7.0% in 2022. GDP growth exceeded expectations in 3Q20, but the slowdown in the fourth quarter was intense. Moving forward, a significant acceleration is expected in the second half of 2021
In the short term, control of the disease and the speed of the vaccination process are a priority and put a downward bias on forecasts. Efficient use of NGEU funds (Next Generation EU recovery funds) and consensus on reforms that increase the economy’s growth potential will be key.
And many of the reasons why Spain was hit so hard will likely lead to a slow recovery in 2021 and beyond. It is unlikely that the tourism sector fully recovers in 2021. And the high share of small businesses in the service industry will lead to a sharp increase in bankruptcies and redundancies.
2020 is a year we all want to forget, but unfortunately, it will cast a long shadow. Given the depth of the recession in 2020 and some structural characteristics, the Spanish economy will need a lot of time to fully recover.
History has taught us that experienced and decisive leaders, with clear strategies and resilience, with motivation and ideas for and towards their teams, who have gone through similar experiences successfully learning from them, may advance and above all strengthen the outputs of the crises.
Therefore our ability as headhunters to help our clients to choose their leaders and their teams will be decisive .
For information on executive search services in Spain, visit Cornerstone Madrid