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Western EuropeMay 27 2020

Portugal acts to protect economy from tourism slump

Rather than celebrate a return to growth this year, Portugal has suffered an economic shock as Covid-19 hammers tourism. Is government action enough or does crisis require a unified European response?
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Portugal had expected to celebrate 2020 as the year its economy finally turned the corner. The minority Socialist government was on course for posting the former bailout country’s first budget surplus in almost half a century of democracy. The first three months were projected to complete a sixth full year of uninterrupted quarterly growth, the last four years at a pace significantly above the eurozone average. 

In any event, 2019 turned out to be the year for which Portugal recorded its first fiscal surplus since the ‘Carnation Revolution’ of 1974 returned the country to democracy after decades of right-wing dictatorship.

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