From Crisis to Convergence: Charting a Course for Portugal

Author: Mr. Dmitry Gershenson, Mr. Albert Jaeger, and Mr. Subir Lall

After Portugal’s successful 2011–14 macroeconomic stabilization, new policies could help reduce vulnerabilities, absorb labor slack, and generate sustainable growth.

Volume/Issue: Volume 2016 Issue 005

Publication date: March 2016

ISBN: 9781513597225

$20.00

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Topics covered in this book

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Exports and Imports , Finance , Labor , Economics- Macroeconomics , Public Finance , DPPP , DP , DVA export , resource , debt , Portugal , Portugal's growth challenge , tradables sector , growth prospect , misallocation of resource , government policy , Labor markets , Structural reforms , Global , Southern Europe

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Summary

In 2011, following years of large-scale external imbalances financed by debt, Portugal’s economy reached a crisis point. To restore economic growth and credibility with international lenders, the country embarked on a difficult path of fiscal adjustment and structural reforms. By many metrics, Portugal’s 2011–14 macroeconomic stabilization program has been a success, but going forward Portugal would benefit from policies to reduce vulnerabilities, absorb labor slack, and generate sustainable growth.