Minister for the economy Pires de Lima has no doubts that 2014 will be a good year for Portugal, "2014 is the year of investment recovery. The Portuguese economy is growing and will grow in 2014,” said the businessman turned politician.
"Portugal is clearly well positioned on the radar of investors to provide high added value, which is making our country a world reference point for service excellence. The arguments in favour of Portugal are interesting, since we have human resources quality and availability too ' stressed the minister on a business visit to Accenture, a systems maintenance services company.
In a note sent to clients, Germany’s Commerzbank says "Portugal, not Spain, is the biggest positive surprise in the peripheral contries," pointing out that "the economy has grown remarkably since the spring and the labour market has also managed to come back."
The German bank believes that Portugal’s recovery "should continue, supported by greater competitiveness of the country and the stronger economic activity in the markets for its exports."
Therefore "Portugal has a good chance to stand on its own two feet when the programme ends in mid-2014."
Commerzbank does not believe a new bailout will be needed but assumes that a ‘precautionary credit line’ will be established.
On the down side there is still a high deficit which is likely to remain, and the bank hopes that Portugal’s “large privatisations continue."
The German bank also pointed that last year the country seemed to be well on the way to return to the markets, but the political crisis triggered by Paulo Portas threw everything in the air. Also, the Constitutional Court, which has repeatedly rejected proposed government measures "might disturb investors, at least temporarily."
