/Financial Times praises ‘Portugal’s bright outlook’
Antonio Costa Financial Times

Financial Times praises ‘Portugal’s bright outlook’

In an editorial article published on August 25th, the Financial Times praised the current state of the Portuguese economy. The report stated that the “coalition” (for a parliament majority, not for a government) between the Socialists and their two new left-wing partners has worked better than the Italian one. Portugal was able to cut unemployment to 6,7 per cent, while Spain remained in the double-digit (14 per cent). “Low crime rate” and a “welcoming atmosphere” are among the factors attracting foreign investors.

FT recognizes the roles of the circumstances in António Costa’s (the Portuguese prime-minister) success. The “global recovery” of the world economy and the “international tourism boom” are quoted as significant factors for the Portuguese economic success under the socialist government. The “legacy of tough centre-right actions” is also mentioned as a factor that concurred for current success.

An international recognition

The article was received with mixed reviews in Portugal. The headline appeared as a compliment to the current government. With a general election in October, the prime-minister took on it as further evidence for his, and his party, success. But the content of the article clearly demonstrated the role of external circumstances and the previous centre-right government during the IMF intervention.

In fact, the recognition came to Portugal, as a whole. The Financial Times, regardless of its eventual political positioning in Britain, is a stalwart of the international economy and can’t be accused of being aligned with extreme or fringe views. Over the last ten years, Portugal took the necessary steps, both at a political and macro-economical level, to deal with the most violent recession of the previous 40 years. It got better results than some of its counterparts, and its levels of political stability are remarkable (the way the fuel lorry drivers’ strike was solved show this, as well as the disbandment of the Portuguese Yellow Vests). This is why it is a premium tourism and second home market, and why will it continue to be over the next years.

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