IBERSOL | 2019 Annual Report

2019 ANNUAL REPORT FINAL NOTE The global outlook for 2020 pointed to a shallow recovery of world economic activity. The current situation, brought on by Covid-19, is certainly cause for con- cern and will require special attention, since its impact is real and se- rious, although still unclear and unpredictable. the economy, particularly the volatility of oil prices, the deteriora- tion of the external environment and the difficulties that pertain to a transition to a less oil-dependent economy. 13