IMF gives Portugal storm warning

Published on 7 October 2010 at 10:59

Cover

"Portugal headed for a perfect economic storm," headlines i, reporting on the exceptionally bleak outlook for the country’s economy. According to forecasts in the most recent bi-annual International Monetary Fund (IMF) report for 2009-2013, Portugal will see the second highest increase in unemployment (after Greece). In 2011, there will be a risk of a renewed recession with negative growth of -1.4%, making it the world’s second worst performing economy in the following year. "Austerity measures combined with low productivity will raise the unemployment rate to 11%, a national record," explains the newspaper. The daily believes the situation will be worse than the one outlined by the IMF, whose figures do not take into account the austerity measures presented at the end of September.

Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic