Banking, information technology, large distribution and retail, food and tourism are the sectors of activity that will contribute the most to the economic recovery in 2024, according to the latest Business Success study, prepared by Advice Strategic Consultants. According to the same firm, these sectors are the least cyclical and, therefore, are “always” necessary for the functioning of the economy and acquire special importance due to the current economic situation. In this sense, the large systemic Spanish company will emerge as the most important catalyst for economic growth, with prominent companies such as Fundación ‘La Caixa’, El Corte Inglés, CaixaBank, Inditex or Telefónica, which will contribute to this recovery, according to Europa reports. Press.
The ‘top 10’ is completed by Banco Santander, Mercadona, Meliá Hotels International, Iberdrola and Cellnex Telecom. These companies will promote the recovery, with the help of European funds, to create a new productive model in which the economic drivers are sustainability and digital transformation, as stated by the managing partner of Advice Strategic Consultants, Jorge Díaz Cardiel. “Banking is an essential sector to get out of the crisis because SMEs and the self-employed and families will need financing,” the document states. In turn, Information Technology firms will support the revitalization of the economy through digitalization.
The first place among the sectors that will contribute the most is for banking, due to the role it plays in the economy to finance SMEs and the self-employed in Spain (they represent 88% of the credit they receive, according to data from the European Central Bank). “Banking is an essential sector for getting out of the crisis because SMEs and the self-employed and families will need financing, whether for investment or consumption,” the document states.
Meanwhile, Information Technologies and Digitalization is a very broad sector with many segments, in which Spaniards place high hopes to revitalize the economy in the event of a slowdown. Due to its digital transformation, national capillarity and for being a great source of job creation, The English Court leads the large distribution and retail sector, followed by other large companies that meet these factors positively valued by society to lead the recovery, such as Inditex, Mercadona, Mango, H&M or Carrefour.
In food, by manufacturers, Unilever, Nestlé, Danone, Campofrío and El Pozo stand out, among others. In 2020, it was an essential sector by necessity, given the continuity of the pandemic in 2021 and the economic crisis in 2022, which have further highlighted its importance.
Finally, in the tourism sector, stand out Meliá Hotels International, Barceló, NH Hoteles, AC Hoteles by Marriott, Iberostar, Riu. This sector has recovered the levels of billing, sales, stays and spending prior to the pandemic and is experiencing new momentum.