The new global order: Catalonia’s economy at stake. Under this banner, the College of Economists of Catalonia is holding its 2026 Economists’ Conference this Friday, at a time when the Catalan economy faces both the uncertainties of the international landscape and its own structural challenges. The debate comes amid a particularly intense period on the domestic front, with access to housing at the centre of public concern, a general strike looming and the countdown to the next general election underway.
Although the figures point to solid economic growth, key questions remain over the extent to which this growth is translating into greater purchasing power for households, higher business productivity, better infrastructure and improved social well-being.
We discuss these issues with Carles Puig de Travy, Dean of the College of Economists of Catalonia, who highlights one of the country’s major economic and social contradictions: “Raising wages will not, in itself, solve the housing problem,” he says.
— What is the Col·legi d’Economistes de Catalunya's interpretation of the housing crisis?
— First of all, that housing is an economic infrastructure. Often this challenge has been treated only from a social point of view. And, obviously, it is extremely important, but if we only address it with social policies, we will not solve it. We must add economic policies.
And I would add an important fact: the problem will not be solved by raising wages. If all companies now raised wages by 10%, we would further strain the market. The problem is supply.
This does not mean that wages should not be raised. We agree that they should be raised, as long as it is through collective bargaining between unions, companies, and employers' associations, and not by decree.
— And how is the problem solved?
— By increasing supply: putting more land on the market, restructuring its use, reducing permit processing times, and, above all, promoting a great public-private collaboration.
— Therefore, the price cap…?
— We believe that these policies must be evaluated and their impact must be assessed. One of the problems we currently have is that, unlike the buying and selling market, where we have reliable data thanks to the notaries' registry, rental data is more difficult to obtain. This leads to different interpretations of what is happening with prices and supply.
From the College, we think that these measures do not contribute much to opening up the market. In fact, it reduces supply: we are seeing that a part of the housing stock is moving towards sale. There are indicators that point in this direction, such as the reduction in the time it takes between an apartment being put up for sale and being sold.
— This crisis also has a direct impact on the purchasing power of families. Housing prices have risen much more than salaries in recent years.
— Yes, and this means that the percentage of income that families have to allocate to housing is becoming less and less reasonable. As a reference, it is usually considered that a person or a family should not dedicate more than 30% of their income to it. And currently, we are well above this threshold, both in Barcelona and in the Metropolitan Area.
— We see these serious difficulties in accessing housing – or maintaining it – but macroeconomic data, such as GDP growth forecasts, tell us that the economy is doing well. Is the economy really doing well?
— In the last 24 months, growth forecasts have always been revised upwards. No one would have said that this year we would have the growth we will end up having, nor next year what we will have.
If consumption increases because there is more population, but per capita income does not grow, we must ask ourselves if this is a sustainable growth model"
— A matter of prudence?
— Not at all. It's not out of prudence, but because we are growing, and we are doing so above what we had planned. And that is very positive. However, current growth is largely induced by increased activity and, mainly, by a greater capacity for work, that is, by more population and more people working.
And this has limits, because it strains many elements of the system, such as housing and infrastructure. Furthermore, if consumption increases because there is more population, but per capita income does not grow — but even declines — we must ask ourselves if this is a sustainable growth model and if it can continue indefinitely. The answer is no.
— And how do we de-stress the system?
— There is no other recipe than to increase the productivity of our companies. Well, of our companies and also of the Administration.
— We have been talking about the productivity deficit in Catalonia and Spain for a long time. Why is it so difficult to close this gap with European economies?
— First of all, it is important to know that this gap is not widening, quite the opposite. For two years, productivity in Spain and Catalonia has been growing above the European average and also the German one. In fact, we are growing approximately one point above the European average. However, this does not mean that the problem is solved: the distance we still have is significant and we should reduce it further.
To do this, there are several factors, and the first is business size. Larger companies have more capacity to invest, especially in intangible assets, go abroad, export, hire talent, and access financing.
And our problem is not that we have few large companies or too many small ones. The problem is that small companies do not manage to make the leap and become medium-sized. We need to find a way for them to grow and gain size.
— Besides business size, what other factors are necessary to improve productivity?
— There are four other key elements: innovation, talent, the quality and efficiency of the public sector, and regulation.
"The Catalan business system is better than the environment that surrounds it"
— Do you think it's a matter of the culture of our business model?
— Not at all. I believe that private sector companies have the objective and the capacity to increase their productivity. The problem is not, therefore, that they don't want to do it, but that they need the right conditions to achieve it. We need infrastructure, good mobility, housing, more agile regulation, and fewer deadlines to obtain permits. We often treat all these issues separately, when in reality they are part of the same ecosystem.
Unfortunately, the Catalan business system is better than the environment that surrounds it. If we improve this environment, companies will be able to advance and grow.
— Catalonia has an accumulated investment deficit in infrastructure of 49,543 million euros between 2009 and 2025, according to the latest report from Foment del Treball. And, furthermore, according to this same report, the central administration has only executed 59.5% of the budgeted investment in this period. What economic price are we paying for these cracks in the system?
— First, let me point out two issues. The first is the insufficiency of infrastructure in Catalonia, which is a reality. One of the causes is the percentage of investment that the State allocates to Catalonia in the budgets. We have 16% of the Spanish population, but usually the percentage of investment allocated to us is around 9% or 10%. It is not proportional to either the population weight or the GDP.
The second problem is execution. It needs to be improved and, above all, greater transparency must be guaranteed. We should have an observatory that allows us to know which investments are not executed and, especially, for what reasons.
"If an infrastructure we need takes five years to be completed instead of two, we lose opportunities along the way"
In addition, there is also a problem with multi-year investments and electoral cycles that we should correct. Often we stop at the announcement of large investments, but announcing them is not enough: they must be tendered, executed, and put into operation within a reasonable timeframe.
And delays have a very significant economic cost. If an infrastructure we need takes five years to be completed instead of two, we lose opportunities along the way. There are foreign companies that could have come to Catalonia and, given these delays, may end up settling in other territories.
— If you had to make a list of priority infrastructures for Catalonia, which ones would you place at the top?
— First, mobility and logistics infrastructures. Here I would include the airport, the B-40, metro lines L9 and L10, completing their deployment, L8, Ferrocarrils and the Camp de Tarragona tram. A future railway connection between Girona and Lleida should also be on the radar. It is a project that will not be carried out in the short term, but which could have a very significant impact, because it would connect two territories with great logistical potential: Lleida, which has land, and Girona, which is connected to Europe.
Barcelona airport is necessary and its development must be pushed forward, but it is accumulating delays and is no longer included in DORA 3. This impacts us greatly. We also need to work on the entire airport system and better connect the airports of Barcelona, Girona, and Reus.
— And beyond mobility?
— Energy and water infrastructures are vital. And I would add housing, which we must begin to understand as an economic infrastructure, and promote investments for industrial reconversion, especially in the chemical sector of Tarragona.
— This year's Economists' Conference has the motto 'New global order: the Catalan economy at stake'. Is the Catalan economy really at stake?
— What we mean is that everything that happens in the world, especially in the geopolitical sphere, has a direct impact on Catalan companies. We cannot isolate ourselves from what happens in international markets. Any event in another part of the world can condition a company's decisions when it comes to investing, growing, or developing.
But when we say that the Catalan economy is at stake, we don't mean that it's doing badly or that we can't do anything about it. On the contrary: the message is that we must play our cards. What happens in the world affects us, but the future also depends on us and our ability to react and move forward.
— And, in addition to receiving an impact, what role can Catalonia play in this new global order?
— Catalonia cannot compete with countries like the United States or China, neither in volume nor in size. But we have an important and quite balanced economic structure, which could resemble that of the Rhine basin, an example of economic development. If we are small, what should we do to compete? Specialize and invest in intangible assets so that companies grow, gain capacity, become more technological and innovative.
We have opportunities in many sectors: quantum, biomedical, biotechnology, and agri-food. The world needs energy, but also food. We must find the areas in which we can be competitive and add value. And we must not forget other activities that also give us strength, such as tourism, trade, and, above all, advanced services: financial, technological, and logistical. It is a sector with great potential, which generates quality employment and added value.
Catalonia has technology centers, universities, and export capacity. We can be leaders, but we need talent.
"What worries me is that young people think they have no future here"
— You talk about talent as one of the keys to taking advantage of these opportunities. But do we have enough talent? Companies continue to warn of difficulties in finding professionals.
— The main shortage is in highly specialized profiles, especially in vocational training and middle management. This can be solved by promoting dual training and collaboration between companies and administrations. Right now, many companies have to end up training these professionals internally because they cannot find them on the market.
But the issue that worries me about talent is that young people think they have no future here. We have universities and very well-trained people, but sometimes what the labor market offers is not inspiring or motivating enough, and this causes some talent to leave. Entry salaries are not the best either. Companies must improve their value proposition: it's not just about salary, but about offering career paths, development opportunities, and an environment where employees can grow and feel fulfilled.
— If you had to ask the next Government for one thing to strengthen the Catalan economy, what would it be?
— There are no magic recipes, but I believe the basis is stability and security. If we want to attract investment, we need a stable environment, because capital is prudent. This means that governments must be able to reach consensus, negotiate with other political forces, and approve budgets. We also need to stop thinking only in the short term and have a medium and long-term vision for the country.
Catalonia needs a very significant improvement in infrastructure and must place affordable housing among its priorities, with more budgetary resources.
And there is another area in which I believe Catalonia can take a step forward: security and defense. We have an important industrial structure that can evolve and participate in the development of this sector. Many budgetary resources will be allocated to it, and I believe Catalonia should aspire to play a relevant role. In fact, the idea is that it can participate in 25% of the demand generated in this area. It is an important industrial opportunity that we should not let pass.
"If we want to attract investment, we need a stable environment, because capital is prudent"
— And in municipal terms, for the Barcelona elections in 2027?
— I believe Barcelona is doing many things well, but it shouldn't be so afraid of tourism. We have extraordinary tourism companies, especially hotel chains and a significant part of the restaurant sector, which generate a lot of added value. We cannot give up this activity. At the same time, we must continue moving towards an economy with more industry and more value-added activities, and continue improving mobility.
But there is a fundamental issue that I consider crucial: Barcelona must connect much more with the territory. It cannot think that it competes alone with cities of ten or twenty million inhabitants. It must collaborate with the metropolitan area, with the metropolitan region, and with the rest of Catalonia. This also requires a more cooperative vision among municipalities.
And I would ask city councils to lose their fear of building housing. Sometimes there are municipalities that fear that increasing the supply could strain the town or change its composition, but postponing the problem does not solve it. Housing is a need that we have on the table and we must address it.
— We start with housing and end with housing. See you this Friday at the Economists' Conference!