Portugal; IMF growth outlook revised down to 4 pct this year – Macau Business

The growth of the Portuguese economy is expected to slow to 4% this year and 2.1% in 2023, according to the International Monetary Fund (IMF), which in the World Economic Outlookreleased on Tuesday, cut its outlook for Portugal.

According to the updated world economic forecasts, the IMF lowered its Gross Domestic Product (GDP) growth outlook for Portugal by 1.1 percentage points (pp) this year, to 4%, from the 5.1%forecast in October.

The institution, chaired by Kristalina Georgieva,also cut its growth projection for 2023 to 2.1%, from 2.5% in October.

The IMFis nowthe most pessimistic institution among the main national and international institutions about Portuguese GDP expansion this year.

The Portuguese government predicts growth of 4.9%, as does the Bank of Portugal, while the Public Finance Council estimates an expansion of 4.8%.

The European Commission sees Portuguese GDPclimbingby 5.5% and the OECD by 5.8%.

According to the forecasts published today, the IMF also expects the Portuguese current account balance to rise from -1.1% of GDP in 2021 to -2.6% in 2022, dropping to -1.4% in 2023.

The IMF also forecasts that the unemployment rate will be 6.5% this year andfall slightly to 6.4% in 2023.

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Portugal; IMF growth outlook revised down to 4 pct this year - Macau Business