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Portugal: First Review Under the Extended Arrangement International Monetary Fund

Portugal: First Review Under the Extended Arrangement

International Monetary Fund

Published September 13th 2011
ISBN : 9786613874382
ebook
112 pages
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 About the Book 

1. The global economic crisis is severely buffeting the Portuguese economy. Output will likely contract by almost 3 percent in 2009, driven by sharp falls in exports and investment. Signs of adjustment are emerging, as prices have fallen faster thanMore1. The global economic crisis is severely buffeting the Portuguese economy. Output will likely contract by almost 3 percent in 2009, driven by sharp falls in exports and investment. Signs of adjustment are emerging, as prices have fallen faster than in the euro area, households are saving more, and the large current account deficit has narrowed. The policy response has been rapid and supportive.