The financial press has been reporting for some time now about a moment of disinterest in IPOs. The war in Ukraine and rising interest rates in the world have created an uncertain environment and forced investors to be cautious. Very few companies today consider the stock market as a means of financing. In Spain, this financial uncertainty is currently mixed with political uncertainty. Many local and regional administrations will change political hands at the end of this month, and there is a logical expectation of what effects those changes will have on the economy.

Although most polls predict a victory for the conservative Popular Party throughout Spain as a whole -which could be significant for the national elections at the end of the year-, the most important thing is to know which parties or coalitions will end up governing in each of the 12 autonomous communities and more than 8,000 municipalities that vote on May 28th.

Autonomous communities are very important in Spain, a country with an almost federal government model. Autonomous communities have their own Parlaments and a great capacity to make their own decisions in matters of health, education, taxes and other important areas for the economy. Their role is therefore very relevant for business development.

There are no elections in what are called “historical communities” (Catalonia, Basque Country, Andalusia and Galicia), but there are in others with enormous weight on the Spanish economy, such as Madrid, the Balearic Islands and the Valencian Community.

With the exception of Madrid, where the Popular Party has a great advantage in the polls, in all other major communities the result is difficult to anticipate. We are, therefore, in a period of uncertainty and waiting, which, in the case of Spain, is justified both by global circumstances and by the national political situation.

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