Antonio Pires de Lima:

Portuguese economy on right track

GMT 14:52 2014 Friday ,31 October

Arab Today, arab today Portuguese economy on right track

Antonio Pires de Lima
Lisbon - Arab Today

 The Portuguese economy is recovering thanks to a boost in exports, private consumption and investment, Portugal's economy minister said on Thursday.
"We are on the right track," Antonio Pires de Lima said at the end of the first debate about the budget bill for 2015, at parliament, according to local media.
Pires de Lima said the country had implemented important reforms during its economic adjustment in the past years, adding that the country was now "more competitive."
Portugal was bailed out in 2011 by the European Commission, the International Monetary Fund and the European Central Bank and had to stick to a strict set of reforms, cutting spending and implementing one of the biggest tax hikes in living memory.
The debt-laden country has been praised by its creditors and has been tagged as a "good pupil," however the opposition have insisted the plan wasn't sustainable and have pledged the center-right government headed by Prime Minister Pedro Passos Coelho to ease austerity.
Pires de Lima mentioned economic figures and rankings, pointing out that in the former Portugal had risen 15 places among 144 countries to 36th.
He admitted unemployment was still a concern and that there was a "long way to go" but insisted that Portugal was on the right track and that "not pursuing this path" would be the "worst" option.
Portugal is expected to grow 1.5 percent next year, according to the Portuguese government, despite the recent crisis of its largest private bank BES.
However the country still has a high public debt burden of around 129 percent of GDP and must tackle its high unemployment rate currently at around 15 percent.
Soirce: XINHUA

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