Portugal: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Portugal
IMF Staff Country Reports, 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
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Bibliographic details
- Published: January 20, 2010
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451832327.002
Macroeconomic impact of the global crisis
- The 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.
- Some signs of adjustment are emerging, as prices have fallen faster than in the euro area.
Labor market and wages
- Unemployment rose substantially to nearly 10 percent.
- Despite the rise in unemployment, wage growth remained brisk.
Fiscal stance and policy recommendations
- Executive Directors have encouraged the authorities to prepare a credible fiscal consolidation plan that would prevent further deterioration in fiscal balances.
Subject areas and keywords (as stated in the report)
- Subjects: 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
Portugal: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Portugal