“Young people should start thinking about retirement in terms of saving as much as they can”

Sep 9, 2021

Redacción Mapfre

Redacción Mapfre

The latest data shows that GDP growth in the Eurozone reached a new peak in the second quarter. Heading into the final part of the year, doubts as to whether the pace of recovery will continue until the end of 2021 have investors uneasy. Alberto Matellán, chief economist at MAPFRE Inversión, said on Radio Intereconomía that there is still room for growth: “Over the next few months, it will be moderate yet steady.”

Another economic power that seems to be rebounding from the coronavirus crisis is China. After introducing restrictive policies in late 2020 to halt the alleged overheating of its economy, the strong import and export numbers could provide the Asian giant with some breathing room. However, the expert provided more context, explaining that this data “isn't enough to dispel fears.”

Returning to the old continent, Alberto Matellán points out that investors are looking ahead to the upcoming ECB meetings and especially to the change in policies linked to inflation. With this, he clarified that “the measures to counter high prices shouldn’t be based on withdrawing or maintaining monetary stimulus,” but rather "they must focus more on the changes of the labor market." The economist took a similar view of the United States in anticipation of the Fed's Beige Book, a publication that has always been valuable for “its approach to current issues.” While he expects no surprises, he believes it will be interesting to follow after the strong U.S. job growth.

Despite the bullish outlook on the global economy, Goldman Sachs noted that the markets are very concerned about the Delta variant and its potential impact on equities. In response to the U.S. firm’s alarmist message, the expert believes there are bigger risks, "such as the taper or the anticipated slowdown in growth,” while he expects equities to remain a good investment option.

Matellán also conveyed a message of caution when it comes investment strategies: “We’re having a good year, and it’s important to consolidate.” Finally, he added that now is the time to discuss planning with young people, who, in his opinion, “should start thinking about retirement in terms of saving as much as they can.”

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