IMF upgrades its forecasts for growth of Portuguese economy

The International Monetary Fund has upgraded its forecasts for the growth of the Portuguese economy. Publishing its World Economic Outlook today, the fund sees growth this year reaching as much as 1.9%, with 2020 registering a slow-down to 1.6%. Both forecasts would put the national economy growing faster than the European average. In July, forecasters were not as positive, suggesting growth this year of only 1.7% and growth for 2020 at 1.5%

Say reports, the fund doesn’t explain why it has improved Portugal’s overall outlook, “but one of the factors that helps explain it is the revision of national accounts, made by the national institute of statistics” and the fact that the Bank of Portugal itself has ‘improved’ its overall forecast.

What’s certain, stresses Expresso, is that this improved outlook counters the scenario traced by the fund for the world economy and the eurozone.

On a global level, IMF forecasters can’t see growth beyond 3% which is the weakest it has been, says Expresso, since the great recession of 2009.