The global economic landscape remains fraught with uncertainty, prompting businesses worldwide to reassess their strategies. In Spain, a significant portion of company leaders are actively adapting to a shifting geopolitical environment, with 44% already designing new growth strategies in response to ongoing instability. This recalibration reflects a broader trend of businesses prioritizing resilience and agility in the face of complex challenges, from evolving trade policies to escalating geopolitical tensions. The require for strategic adjustments is particularly acute in areas tied to international expansion and supply chain dependencies, as companies navigate a world increasingly defined by disruption.
This shift in strategic thinking isn’t merely reactive; it’s a proactive attempt to mitigate risks and capitalize on emerging opportunities. According to a recent report, ‘Perspectivas 2026’ (Perspectives 2026), conducted by KPMG in collaboration with the Spanish Confederation of Employers (CEOE), businesses are increasingly focused on optimizing supply chains with artificial intelligence (AI), modeling tariff mitigation strategies, and engaging in scenario planning. This demonstrates a growing recognition of the need for sophisticated risk management tools and a willingness to invest in technologies that can enhance adaptability. The report highlights a growing concern among Spanish business leaders, not only regarding the international situation but as well domestic factors like political uncertainty, legal insecurity, and regulatory changes, all of which are perceived as threats to the Spanish economy in 2026.
Geopolitical Concerns Drive Strategic Rethinking Among Spanish Businesses
The ‘Perspectivas 2026’ report reveals that a substantial portion of Spanish companies are already taking concrete steps to adjust their growth strategies. Specifically, 34% have already implemented new strategies, 10% plan to do so in the near future, and 36% are currently analyzing options to develop a decision. This widespread reassessment underscores the pervasive sense of unease among business leaders and the urgency with which they are addressing the challenges posed by the current geopolitical climate. The areas most affected by this strategic re-evaluation are those linked to internationalization – including expansion into new countries and investment – as well as sectors heavily reliant on stable supply chains, such as innovation, technology projects, and strategic alliances.
Juanjo Cano, President of KPMG in Spain, emphasized the vulnerability of the European bloc due to its reliance on third-party countries. Cano stated that this dependence is a key driver of concerns about lost competitiveness, which is frequently cited as the most significant risk to businesses. This sentiment reflects a broader anxiety about the long-term economic prospects of Europe and the need for greater self-sufficiency in critical areas. The report also highlights the growing importance of securing access to essential resources and reducing reliance on potentially unstable supply chains.
Domestic Challenges Add to Economic Uncertainty
Beyond the international landscape, Spanish business leaders are also grappling with domestic challenges that contribute to economic uncertainty. The report indicates that 62% of participants are calling for a more stable legal and regulatory framework to foster confidence among businesses and investors. This demand for greater predictability underscores the importance of a supportive policy environment for promoting economic growth and attracting investment. 38% of executives surveyed advocate for administrative simplification, suggesting that reducing bureaucratic hurdles is seen as crucial for improving the business climate in Spain. These calls for reform highlight a desire for a more streamlined and efficient regulatory system that can facilitate economic activity and reduce the burden on businesses.
Antonio Garamendi, President of CEOE, echoed this sentiment, stating that Spanish companies need a framework that guarantees confidence, certainty, moderation, and stability to act as engines of wealth, employment, and modernization. The ‘Perspectivas 2026’ report provides a comprehensive overview of these challenges and offers insights into the strategies businesses are employing to navigate them.
EU Competitiveness and Strategic Autonomy
The report also delves into the challenges facing the European Union as a whole. A significant 41% of respondents identified the loss of competitiveness, alongside rising raw material costs, as the primary negative consequence of the EU’s dependence on third-party countries. This finding reinforces the concerns raised by Cano regarding the vulnerability of the European bloc and the need for greater economic self-reliance. The loss of competitiveness is consistently highlighted as the most pressing risk to businesses and a major threat to the Spanish economy.
In terms of strategic autonomy, a majority of executives believe urgent action is needed in several key areas. Specifically, 52% consider it crucial to advance autonomy in energy, 51% prioritize greater sovereignty in artificial intelligence (AI), and 50% emphasize the importance of strengthening industrial capabilities. These priorities reflect a growing recognition of the need for the EU to reduce its dependence on external actors in critical sectors and enhance its ability to control its own economic destiny. The push for greater strategic autonomy is driven by a desire to safeguard the EU’s economic interests and ensure its long-term resilience in a rapidly changing global landscape.
The focus on AI is particularly noteworthy, as businesses increasingly recognize its transformative potential. According to recent data from KPMG’s 2026 US CEO Outlook Pulse Survey, US CEOs are also pressing ahead with strategic investments in AI, despite ongoing economic uncertainty. The survey, which features insights from 100 US CEOs at large companies, reveals that AI is seen as a key driver of future growth and a critical component of competitive advantage. The KPMG University Connections curriculum also highlights the importance of AI strategy in 2026, noting that CEOs are embedding GenAI and AI agents into business models and daily workflows. This curriculum emphasizes the need for upskilling employees and reimagining work teams to fully leverage the potential of AI.
the LinkedIn post from KPMG US indicates that 63% of CEOs are actively pursuing mergers and acquisitions (M&A) in 2026, signaling a clear bet on growth. This trend suggests that companies are seeking to expand their capabilities and market share through strategic acquisitions, even amidst economic uncertainty.
The confluence of these factors – geopolitical instability, domestic economic challenges, and the transformative potential of AI – is creating a complex and dynamic environment for businesses in Spain and across Europe. Successfully navigating this landscape will require adaptability, innovation, and a willingness to embrace new strategies and technologies. The emphasis on strategic autonomy, coupled with investments in AI and M&A activity, suggests that businesses are proactively positioning themselves for a future defined by uncertainty and change.
As the global economy continues to evolve, monitoring these trends and adapting to emerging challenges will be crucial for sustained success. The next key development to watch will be the release of further data from the CEOE and KPMG regarding the implementation of these new strategies and their impact on the Spanish economy. Continued analysis of these trends will provide valuable insights for businesses and policymakers alike.
What are your thoughts on the challenges facing Spanish businesses? Share your insights and perspectives in the comments below.