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Alfonso Ugarte, PhD, is a Principal Economist at BBVA Research since May 2009, specializing in global macroeconomic scenarios, and has previously held the position of Senior Economist focusing on global modelling and long-term analysis. Prior to joining BBVA Research, Ugarte served as an Adjunct Professor at Universitat Pompeu Fabra from September 2007 to August 2009. Ugarte holds a PhD in Economics and Management from Universitat Pompeu Fabra, awarded in 2010, and a degree in Economics from Universidad de Los Andes, obtained in 2000.