Antonio Costa Silva, the Portuguese economy minister, stated today, Monday, that his nation is better prepared to handle the current economic issues than it was more than ten years ago, when Lisbon asked for an international rescue package.
The year 2023 will be very challenging, according to Costa Silva, who stated this in an interview in Lisbon, the capital of Portugal. “Ten years ago, our economy was in a recession and our debts were rising, but the situation today is completely reflected, the economy grows and the debts are declining, but we do not have any delusions,” Costa Silva said.
The government continues to expect the economy to grow by 1 percent, according to the Portuguese Minister of Economy, as reported by the Bloomberg News Agency.
3% in 2023, but things could change quickly as the likelihood of stagnation in Europe is increased by the high interest rates.
The minister also pointed to the unprecedented global energy crisis, and the geopolitical crisis resulting from the war in Ukraine as it represents risks to growth, adding that the occurrence of a cold wave in the winter may raise energy costs more, and threaten the prospects for growth in Portugal.
The situation is extremely unstable, according to Costa Silva, who said that we are in the midst of a completely distinct cycle marked by significant geopolitical conflicts, global trade, logistical chain disruptions, and rising interest rates.
Portugal affirms that it is more equipped to handle the current economic difficulties.
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