Portugal ranks 10th in the world’s 15 “grimmest” economies

The good news is that Portugal is in 10th position. Greece, for example, is up near the top at number five and Spain is doing worse, too, pegged at number six.

What are we talking about? Bloomberg’s “misery index”: the 15 countries of the world with what the financial website calls the “saddest, most painful economies”.

On the basis of those that come before, Portugal can at least take heart. We are better off than Venezuela, Argentina, South Africa, Ukraine, Russia, Croatia and Turkey – as well as of course Greece and our next-door neighbour Spain.

Following our depth of misery comes Italy, Colombia, Brazil, Slovakia and Indonesia.

As Bloomberg points out: “Five years after investors popularised the term “PIIGS” to describe a handful of European countries (Portugal, Ireland, Italy, Greece and Spain) with bloated budget deficits, four of those five countries remain in dire straits.”

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