The Confederation of Businesses of Portugal (CIP) said this Friday that it received “with great concern” the Council of Public Finance’s (CFP) forecasts for the Portuguese economy this year, asking the government to implement “new public policies”.
In a statement, CIP said it “received the forecasts put forward by the Public Finance Board with great concern.”
“Although the CFP forecasts that the Portuguese economy will grow by 2.2% this year, this is a more pessimistic estimate than estimates published earlier this summer by the Bank of Portugal, the OECD and the IMF,” he stressed.
According to the organization, “the slowdown in economic growth in Europe and Portugal will accelerate in the second half of the year, increasing uncertainty about economic activity in these final months of 2023 and also having a negative impact on next year.”
The Confederation believes that “in this threatening context of slowdown, which will mean a slowdown in export growth as a result of the worsening economic prospects expected for Portugal’s main trading partners”, which will also affect investment, there is an “urgency” for implementation on the part of the government “without wasting time” , a new government policy truly aimed at investment and economic development.”
According to the organization, “the proposals that CIP presented to the executive branch this week go in precisely this direction and will allow for more growth, more income and even a simpler relationship with government,” highlighting the “eternal obstacle between people, companies and the state.” .
The CIP recalled the social pact, which “contains three pillars – growth, income and simplification”, expressed “in 30 measures designed to respond to the approaching very difficult moment, as well as to take a decisive step in eliminating the obstacles to structures that harm the Development of Portugal” on several directions.
According to CIP, “the Competitiveness and Revenue Agreement signed on October 9, 2022 requires more work, more ambition and more depth to achieve certain goals.”
The Public Finance Council (CFP) on Thursday revised upward its estimate for economic growth this year to 2.2%, up from its previous forecast of 1.2%, but stressed that the forecasts were made in an external context of “high uncertainty.”
The forecast for gross domestic product (GDP) growth of 2.2% this year, while an improvement from the 1.2% forecast by the CFP in March, marks a slowdown from 6.7% growth in 2022.
Author: Lusa
Source: CM Jornal
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