Former finance minister warns of slowdown in Portugal

A former Portuguese finance minister and current president of bank EuroBic has warned that the Portuguese economy could slow over Brexit, world instability and the trade war between the US and China.

Fernando Teixeira dos Santos, CEO of Eurobic has warned: “We are in a phase of a slowdown in economic growth globally and Portugal will suffer from this slowdown.”
“Part of our economy depends on the state of the economy outside and if external factors are not favourable, it will be more difficult for the Portuguese economy to grow,” added the banker.
The ex-minister said he was “worried” about the trade war between the US and China and remembered that it was one of the main factors that the IMF suggested was causing the slowdown in economic activity.
Teixeira dos Santos does not believe that the economy will go into recession but rather that it will slow down.
“I do not see signs that point to an abrupt stalling of the economy that throw us into a recession” he said adding that recent developments over Brexit could “bring some tranquility.”
“I always say that uncertainty paralyses decision-making and economic activity and everything is shrouded in an atmosphere of uncertainty which is very bad for the economy. Reaching an agreement is just a matter of time” he said.
“I have confidence in the capacity of our business owners to continue to be resilient as they were in the past,” said Teixeira dos Santos at a EuroBic conference “Challenges and Opportunities which took place in Penafiel on Wednesday.