The crisis took its toll on investment, but there are clear signs that it is recovering well. Business investment is growing again above the EU average. A strong pipeline of EU co-funded investment projects for the next four years is expected to provide an additional boost to investment. This increase reflects a structural business restructuring process towards tradable sectors, which began well before the international financial crisis.
Furthermore, it is largely unrelated to changes in price competitiveness. This is in stark contrast to the conventional view discussed above. There have been multiple reforms that have targeted the internal flexibility of firms, such as the adjustment in hours worked, unemployment insurance, restrictions on firing, and the ability to sign temporary contracts, making the labour market more flexible and adaptable to shocks.
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In the —07 period, worker flows in Portugal, including job creation and destruction rates, were remarkably close to those prevailing in the US. The same applies to wage flexibility. The Portuguese labour market has levels of wage flexibility similar to other advanced economies. More recently, efforts made to stabilise the Portuguese banking system and reform its governance have played a critical role in restoring growth after the crisis. Impairments costs and provisions declined sharply.
The NPL ratio is now at The crisis produced damaging effects on the public finances, which came on top of problems accumulated in the s. Yet, Portugal has shown great resilience in the way it has committed to and persevered in restoring the balance of the public finances, through reforms designed to deliver structural fiscal consolidation. It aims to strike the right balance between the debt-reduction goal and the need to protect growth.
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To improve public spending efficiency, the government has been conducting an expenditure review designed to help line ministries generate genuine, long-lasting efficiency gains that can work towards containing expenditure, while at the same time ensuring that inevitable demand pressures on public services can still be accommodated effectively within the existing fiscal envelope. Having gone through a mild boom, a slump, and a severe recession, all packed in less than two decades, the Portuguese economy has re-emerged with a newfound strength.
Some are burdensome legacies from the crisis. The stocks of private and public debt are still high. Increased savings, both internal and external are required. Youth unemployment and long-term unemployment have not yet returned to pre-crisis levels.
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The financial sector still has some way to go on its way to full health. To keep the public finances on a consolidating trajectory, public expenditure will have to continue to be very carefully managed.
The current combination of robust economic growth, powered by investment and exports, balanced external accounts, and public finances on a consolidating path, is a far cry from the experience of the late s and s, and bodes well for the performance of the Portuguese economy in incoming years.
However, further reforms, demand, and patience are still of the essence. Reis, R , "Looking for a success in the euro crisis adjustment programs: It is composed of a rise of 10 percentage points in goods and of 6 percentage points in services which doubled their weight. Europe's nations and regions Macroeconomic policy.
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Portugal , structural change , recovery , unemployment , education , exports , exchange rates , euro , financial crisis. The turnaround of the Portuguese economy: Economic crisis and structural reforms in Southern Europe.
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Challenges ahead Portugal has turned a corner. Endnotes  This increase, which started before the crisis and was amplified by it European Commission , is more than 5 percentage points above similar increases in the 19 euro area countries. Portuguese Minister of Finance and President of the Eurogroup. Chief Economist, Portuguese Finance Ministry. The Cambridge guide to theatre. The Cambridge history of Latin American literature: Brazilian literature, Volume 2.
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