Recovery recedes

Published on 9 August 2010 at 09:56

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A study produced by the OECD shows the recovery of several developed economies, including Portugal, has stalled. Portugal's economy, writes the newspaperi, achieved the third-worst results in the euro zone in June. The OECD projections contradict prime minister Jose Socrates's description of Portugal as a "champion" of economic growth in the first trimester, adds the Lisbon-based daily. The numbers from the Paris-based institution show that the upturn was short and that in the coming months the Portuguese will have less purchasing power, consume and invest less and face more unemployment. Also according to the OECD, only France and Greece recorded bigger decreases than Portugal in June.

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