According to the Spanish publication El Economista, Portugal stands out in its management of the economy post-crisis, in contrast to the economic stagnation of some southern European nations.
Between 2010 and 2013, the sovereign debt crisis of the Eurozone countries caused significant divergences within the monetary region. Portugal, Italy, Greece, and Spain were among the European nations that “suffered” the most as a result of the economic crisis.
Ten years later, the situation remains the same for some of them, but has changed for others, such as Portugal, whose economy has astonished analysts, as reported by El Economista.
After the crisis, Portugal implemented a series of economic reforms, culminating in a “Portuguese miracle,” according to a Spanish newspaper. The return of Portuguese debt, which passed through the “border of collapse” alongside Greece, to a much lower level than Italy and Spain is one example that demonstrates this. Currently, Portugal contributes less for its own financing than these two countries.
And labor market reforms have also contributed to this evolution. The flexibility of the labor market has increased due to the increased flexibility of companies, the modification of working hours, and the enhancement of unemployment benefits, according to the Spanish newspaper.
In addition, the high implementation of EU funds is highlighted. The execution rate of the funds was 92% between 2014 and 2020, well above the European average of 76%, Italy’s 62%, and Spain’s 55%.