FMI

A ler o Relatório do Fundo Monetário Internacional (FMI), sobre a situação económica e financeira do nosso país. (pág 5)

A combination of internal factors, in particular associated with the need to correct major imbalances affecting both the private and public sector, is the main explanation to the prolonged period of low growth rates, culminating in a recession in 2003. External conditions were insufficient to counterbalance this effect as the Portuguese main partners in the euro area also underwent low levels of activity and only recently began a mild recovery.

The Portuguese authorities are committed to the fulfillment of the Stability and Growth Pact, not least because the consolidation of public finances is instrumental to return to a sustainable growth path and real convergence towards the euro area.

However, structural measures are crucial to maintain public finances on a sustainable path. Some steps were already introduced, including the control of current expenditure, public administration reform and restrictions on local authorities' level of indebtedness, but further action is needed in order to face future pressures coming from social security.