Economy to slow in 2020 says Forum

 In News

The Forum for Competitiveness predicts that growth in Portugal’s economy will slow from 1.9% GDP to between 1.5% and 1.7% in 2020.

According to the Portuguese economic and business discussion platform and think-tank, this year will see a general slowdown in the world’s economies at the end of an economic cycle, one exacerbated by a trade war between the US and China and tension in the Middle East.
“In 2020, the Portuguese economy will not escape the slowdown in the economies of its main partners since it also faces internal risks” it states.
On Portugal’s public finances, the Forum for Competitiveness states that the Government can expect a budget surplus (excluding temporary measures) of 0.6% of GDP but adds that the “budgetary consolidation was merely nominal. In terms of structure we are worse off” it states.
As to the competitiveness of the Portuguese economy, the Forum states that the main factors that hinder Portugal’s economy are an excess of red tape, high taxes and public debt, difficulties in getting credit, weak investor protection, a lack of a qualified workforce, an inflexible labour market and a lack of incentives to create a meritocracy.
The Forum’s Director of Studies is the economist Pedro Braz Teixeira. The Forum analysis and debates economic topics of a sweeping panoramic nature that are cardinal for the competitiveness of Portugal’s businesses with initiatives centred around activities aimed at improving the competitiveness of national companies and works in partnership with trading and business, investment and industrial associations such as the CIP, AIP, AEP.