Portugal: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Portugal

January 20, 2010

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Portugal: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Portugal, (USA: International Monetary Fund, 2010) accessed December 26, 2024

Summary

This 2009 Article IV Consultation highlights that the global economic crisis has severely affected the Portuguese economy. Output will likely contract by almost 3 percent in 2009, driven by sharp falls in exports and investment. Despite a substantial rise in unemployment to nearly 10 percent, wage growth remained brisk. Encouragingly, some signs of adjustment are emerging, as prices have fallen faster than in the euro area. Executive Directors have encouraged the authorities to prepare a credible fiscal consolidation plan that would prevent further deterioration in fiscal balances.

Subject: Balance of payments, Banking, Commercial banks, Current account, Current account deficits, Financial crises, Financial institutions, Public debt

Keywords: Commercial banks, CR, Current account, Current account deficits, Debt service, Deficit, Deficit target, Economy, Europe, Financial crisis, GDP, Global, Growth potential, Growth profile, IMF's effort, IMF's view, ISCR, Publication policy

Publication Details

Pages:

66
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/018
Stock No:

1PRTEA2010001
ISBN:

9781451832327
ISSN:

1934-7685

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