Portuguese finance minister sees ’cause for concern’ for economy in 2024 – EURACTIV.com

There are reasons to worry about the international backdrop for the economy in 2024, Finance Minister Fernando Medina said at the Finance Ministry on Tuesday.

„Looking at the external environment, We see signs of concern about 2024,” he said.

In this regard, he cited a sharp slowdown in economic growth or an expected slowdown in some of Portugal’s main trading partners and the fact that interest rates will be higher next year.

According to macroeconomic statistics, the Portuguese government revised its forecasts for GDP growth this year to next to 2.2% and 1.5% respectively.

The new forecast for this year represents an upward revision from the 1.8% forecast in the Stability and Growth Program presented to the European Commission a few months ago, but the figure for next year represents a reduction from the previous 2.0%.

The government earlier submitted the budget to parliament, which will be debated and voted on in first reading on October 30 and 31, with a final plenary vote scheduled for November 29.

(Edited by Ânia Ataíde, Cristina Cardoso | Lusa.pt)

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