Bank Of Portugal: Downgrades Economic Outlook Sharply IMarketnews.com
PARIS (MNI) - The extra budget cutting and private sector deleveraging needed to put the Portuguese economy back on a sustainable long-term path will cause a sharp drop in economic activity and employment over the medium term, the Bank of Portugal said in its Summer Economic Bulletin, published early Tuesday morning.
The central bank sharply downgraded its forecasts for GDP growth, private consumption and business investment, compared with previous forecasts published in the spring. The new austerity measures required to secure a E78 billion bailout package in May from its European partners and the International Monetary Fund are largely to blame for the darkening picture, the bank suggested.
"The need to reinforce the consolidation of public finances, as well as a gradual deleveraging of the private sector, including the financial system, is essential to ensure balanced and sustainable long-term development," the bank wrote. However, "the correction of macroeconomic imbalances will continue to imply across the forecast horizon (ie, 2011-2012) a significant contraction of internal demand, with an impact on the level of economic activity and employment."
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