Economy will take one year to recover

Portuguese companies think that economic recovery will take more than a year.

Around 41% of Portuguese entrepreneurs believe it will take over a year for their companies to recover to business levels that they had before the pandemic, even if the economic indicators for Portugal are favourable.
This was according to a study carried out for the Portuguese Industrial Confederation (CIP) by ISCTE.
According to the survey Vital Signs which was carried out in April and which was presented on Monday (19 April), just 10% of companies believe that the economy will recover by the end of the year.
The 10% of business leaders and managers thought that their sectors would only recovery to pre-pandemic levels after 2023 while 19% through it would happen during 2023.
17% believed recovery would come by the second half of 2022, and 15% in the first half of 2022.
It was also interesting that 30% of the sample selected the option “don’t know/prefer not to respond” for the question about when their sector of the economy would recover.
In terms of regions, the prospects were slightly better in that 16% thought the economy would recover by the end of the year, but on the other hand, 9% thought that their business turnover would only get back to pre-pandemic levels only after 2023.
The vice-president of the CIP, Óscar Gaspar said that the results of the survey showed clearly that businesses knew the difference between the end of lockdown and economic recovery, believing that the crisis would be intense and long-lasting, the economic recovery was still far off, and support for the economy would still be required.
This was the 14th survey carried out for the CIP in partnership with ISCTE’s Marketing FutureCast Lab which surveyed 618 companies of which 4% were large companies.