From EU Observer
"According to Eurostat and the latest interim forecast of the European Commission, Portugal's real GDP contracted by 1.5 percent in 2011 and is expected to further decline by 3.3 percent in 2012. Its unemployment rate was almost 14 percent in 2011 and is expected to further increase this year. The youth unemployment rate in February 2012 already exceeded 35 percent,with no apparent signs of economic recovery in sight.
It is difficult to imagine a worse impact than austerity measures on economies already hit by economic slowdown. With economic activities halted, neither employment nor state income is generated and public spending cuts prove completely ineffective (given that the parameter used to measure public deficit, the GDP, continues to fall). It is a vicious circle."
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