10/19/2023 0 Comments Debt clock![]() As the country’s indebtedness increases, the financial markets will impose heavier spreads sooner or later. The government will have a hard time to finance the debt service in the context of an already heavy tax burden, and with an economy coming to a stop. Eventually, when the EU (European Union) and the ECB (European Central Bank) reinstate the abhorred Maastricht criteria, currently set aside, pandemic obliges, no accountancy trickeries by the ministry of finance will safeguard taxpayers from feeling the pain. No need to consult a clairvoyant to prognose a widening gap between the fast climbing debt and the declining GDP. Thereafter, it has followed a bumpy trail and the prospects are anything but rosy. In 2020 it plunged by 7.6 percent relative to 2019. Not to soften the state of affairs, GDP took a nose dive in the context of a general economic crisis. ![]() The government debt, out of control as usual, has been boosted to a new historical peak of 137.2 percent of GDP in March 2021. After the World Health Organization declared the pandemic on March 11, 2020, all the red lights started flashing. The Portuguese economy started its journey into hell, courtesy of the Covid-19 pandemic. It had to happen, the coronavirus did it. More debt clocks: US Gross Federal Debt Outstanding US External Debt Portugal Government Debt Portugal External Debt Portuguese government debt ( Maastricht Debt).Ĭalibrated from data from Direcção Geral do Orçamento e Banco de Portugal. (Portugal's Exports were € 81,965 million for the year ending on. (Portugal's GDP was € 207,342.1 million for the year ending on. 130.5 percent of GDP, at FY2021 Q3 according to BoP.
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