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At the end of a year marked by the health and economic consequences derived from the pandemic, we are facing the beginning of massive vaccination worldwide. The speed of recovery in the economic scenario will depend on how fast and effective this process is. On the other hand, the increasing number of cases after the mid-year months and restrictions on mobility and activity in many countries that had completed their de-escalation led to higher uncertainty in Q4 2020. These two circumstances define the current projections, since they will be those marking the evolution of the main economic indicators during the next year.