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Portugal's economy has been booming since 2015 - please resist the temptation of bad-mouthing Portugal before you understand more about it's current political,

by arijo 8y ago

Portugal's economy has been booming since 2015 - please resist the temptation of bad-mouthing Portugal before you understand more about it's current political, economical and social situation.

Gys 8y ago
Watching it from the inside, i think its main source is tourism and foreigners buying real estate. If the latter ends, i think the economy will fall back again. Because nothing fundamental seems to be changing.
sonnyblarney 8y ago
Greece goes into default every few decades for the last many hundred years. So if they were to go a few hundred years without problems, then we can talk about improvements there for example. It's similar with Portugal, or anywhere else. That said, they had a much more recent Empire. Nothing substantial changes in 2 years or even 20, apart from a collapse in government, war, invasion ... or a major treaty with the rest of the EU, which I believe will do to them what NAFTA does to Canada: make Portugal permanently less well off than the rest of Europe, but have some kind of 'bottom baseline' standard of living. We can re-open discussion in a decade to see if there is real change. I did take a quick look into it though and it does look positive at least to some [1] [1] https://voxeu.org/article/turnaround-portuguese-economy https://voxeu.org/article/turnaround-portuguese-economy
csomar 8y ago
According to the GDP per capita, it just made it to a bit over the 2008 levels. Sure it has been growing since 2015 but only to make it to a level of 10 years ago.
geezerjay 8y ago
> Portugal's economy has been booming since 2015 Actually, that is not true at all. Portugal's recession might have ended back in 2014 but since then economic growth has been anemic and below the eurozone average, and this in spite of the recent influx of cash due to the natinal golden visa program and a sudden tourism boom. Unemployment is still extremely high in spite of the national statistics presenting an unbelievable low rate close to structural unemployment levels, while real unemployment estinates point to a level above 20% for the whole active population and accompanied with an over 50% youth unemployment rate. This is obviously reflected on the nation's wages, which have stagnated for the past 8 years at pre-bailout levels. Oh, and about 1% of the population has been emigrating from Portugal on average per year since the economic collapse in 2011. The only way Portugal is booming is if you count implosion as a boom of sorts.

by arijo 8y ago

Portugal's economy has been booming since 2015 - please resist the temptation of bad-mouthing Portugal before you understand more about it's current political, economical and social situation.

Gys 8y ago

Watching it from the inside, i think its main source is tourism and foreigners buying real estate. If the latter ends, i think the economy will fall back again. Because nothing fundamental seems to be changing.

sonnyblarney 8y ago

Greece goes into default every few decades for the last many hundred years. So if they were to go a few hundred years without problems, then we can talk about improvements there for example. It's similar with Portugal, or anywhere else. That said, they had a much more recent Empire. Nothing substantial changes in 2 years or even 20, apart from a collapse in government, war, invasion ... or a major treaty with the rest of the EU, which I believe will do to them what NAFTA does to Canada: make Portugal permanently less well off than the rest of Europe, but have some kind of 'bottom baseline' standard of living. We can re-open discussion in a decade to see if there is real change. I did take a quick look into it though and it does look positive at least to some [1] [1] https://voxeu.org/article/turnaround-portuguese-economy https://voxeu.org/article/turnaround-portuguese-economy

csomar 8y ago

According to the GDP per capita, it just made it to a bit over the 2008 levels. Sure it has been growing since 2015 but only to make it to a level of 10 years ago.

geezerjay 8y ago

> Portugal's economy has been booming since 2015 Actually, that is not true at all. Portugal's recession might have ended back in 2014 but since then economic growth has been anemic and below the eurozone average, and this in spite of the recent influx of cash due to the natinal golden visa program and a sudden tourism boom. Unemployment is still extremely high in spite of the national statistics presenting an unbelievable low rate close to structural unemployment levels, while real unemployment estinates point to a level above 20% for the whole active population and accompanied with an over 50% youth unemployment rate. This is obviously reflected on the nation's wages, which have stagnated for the past 8 years at pre-bailout levels. Oh, and about 1% of the population has been emigrating from Portugal on average per year since the economic collapse in 2011. The only way Portugal is booming is if you count implosion as a boom of sorts.