IMF gives Portugal storm warning

Published on 7 October 2010 at 10:59

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“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.

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