According to INE Portuguese GDP fell 0.2% in the first Quarter this year. In my view, it will continue to fall in the next several Quarters so that I am pretty confident that 2008 will be the first year since 1975 of negative growth for the Portuguese economy.
After 2008 I believe the situation will get even worse. To the average Portuguese citizen, I would say: over the next ten years or so get ready for the greatest decrease in your standard of living you have ever experienced in your life.
A significant number of Portuguese people will have to consider emmigration. North America and Europe will not be very attractive destinations as they are also set to suffer a severe economic downturn. Brasil, on the contrary, seems to me a very attractive option.
After 2008 I believe the situation will get even worse. To the average Portuguese citizen, I would say: over the next ten years or so get ready for the greatest decrease in your standard of living you have ever experienced in your life.
A significant number of Portuguese people will have to consider emmigration. North America and Europe will not be very attractive destinations as they are also set to suffer a severe economic downturn. Brasil, on the contrary, seems to me a very attractive option.
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