President of the Republic predicts that 2023 will be “a very difficult year”


The President of the Republic admits that 2023 will be “a very difficult year” when commenting on the OECD projections that point to Portuguese economic growth slowing from 6.7% this year to 1% in 2023.

“2023 is going to be a very difficult year. Nobody knows how difficult. It depends on whether the war lasts a long time or lasts a short time, it depends on whether the effects of the war remain very high or not, it depends on whether inflation starts to go down or not, it depends on the resolution of the problems of energy and the cost of energy”, declared Marcelo Rebelo de Sousa, considering that “everyone is aware that it will be worse than 2022”.

The head of state was commenting, in Leiria, on the report with world economic forecasts released today by the Organization for Economic Cooperation and Development (OECD).

In the document, the OECD predicts that Portuguese economic growth will slow down from 6.7% this year to 1% in 2023 and 1.2% in 2024, with inflation standing at 8.3% in 2022, 6.6% in 2023 and 2.4% in 2024.

“Real GDP growth [Produto Interno Bruto] expected to decline from 6.7% in 2022 to 1% in 2023 and 1.2% in 2024, with the Russian invasion of Ukraine, supply chain disruptions, rising energy prices and rising interest rates to penalize activity”, reads the report with world economic forecasts (‘Economic Outlook’).

Marcelo Rebelo de Sousa said that he had recently received the president of one of the major groups in the automotive industry who told him that “car sales in America and Europe had already started to slow down and that he predicted that the economic situation in the first semester of next year”.

“But nobody knew if it was just a semester, if it was more than one semester, if it was very deep, if it was not very deep. But that there is an economic problem there and that it will reach – he gave the example – Europe and the United States of America”, said the head of state, considering that “probably affects other economies in the world”.


Source: Renascença – Noticias by rr.sapo.pt.

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