ANNUAL REPORT 2016
FINAL REMARK
In overall terms, the economic
outlook for 2017 is one of growth,
with a return to a more normal
trend: a slow increase in inflation,
an increase in the prices of commo-
dities, higher interest rates, a gro-
wth in investments and an impro-
vement in the job market. However,
the political situation resulting from
the elections in the United States,
the continued conflicts in the Middle
East, the refugee crisis, the political
evolution of some European coun-
tries and of Turkey, are situations
that present a risk that might have
a decisive influence on the turn of
events.
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