There are reasons for concern for the economy in 2024 regarding the international backdrop, Finance Minister Fernando Medina said at the Finance Ministry, where he presented the draft state budget for 2024, on Tuesday.
“When we look at the external environment, we see signs of concern about 2024,” he said.
In this regard, he cited the sharp slowdown in economic growth or even recession expected for some of Portugal’s main trading partners and the fact that interest rates will remain high next year.
According to the macroeconomic figures, Portugal’s government has revised its forecasts for growth in gross domestic product this year and next to 2.2% and 1.5%, respectively.
The new forecast for this year represents an upward revision from the 1.8% forecast contained in the Stability and Growth Programme submitted to the European Commission a few months ago, but the figure for next year represents a cut from the previous 2.0%.
The government earlier delivered the draft budget to parliament, which will be debated and voted on in a first reading on 30 and 31 October, with the final overall vote scheduled for 29 November.
(Ânia Ataíde, edited by Cristina Cardoso | Lusa.pt)
Read more with EURACTIV
Credit: Source link