Portugal: Staff Report for the 2000 Article IV Consultation

Portugal showed impressive economic performance owing to its macroeconomic policies and structural reforms. Executive Directors commended the authorities for their stability-oriented policies, low inflation, and declining fiscal deficits. Nonetheless, economic policies needed to address signs of emerging macroeconomic imbalances, including the brisk growth of private sector credit, tight labor markets, and a persistent inflation differential in relation to other euro area countries. Moreover, an acceleration of structural reforms and further fiscal consolidation would be essential for a rapid and sustained convergence to European Union income levels.
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Volume/Issue: Volume 2000 Issue 152
Publication date: November 2000
ISBN: 9781451832136
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Topics covered in this book

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Business and Economics , Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , GDP , deficit , staff appraisal , tax rate , higher-than-expected oil price , increase in capital expenditure , euro area , deficit target , current account deficit , Current account , Current account deficits , Credit , Europe

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Summary

Portugal showed impressive economic performance owing to its macroeconomic policies and structural reforms. Executive Directors commended the authorities for their stability-oriented policies, low inflation, and declining fiscal deficits. Nonetheless, economic policies needed to address signs of emerging macroeconomic imbalances, including the brisk growth of private sector credit, tight labor markets, and a persistent inflation differential in relation to other euro area countries. Moreover, an acceleration of structural reforms and further fiscal consolidation would be essential for a rapid and sustained convergence to European Union income levels.

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