Already being closely monitored for its “excessive macroeconomic imbalances”, Portugal has been dealt another hefty side-swipe by EC technocrats.
The report, which earlier this week revealed the country is on high-debt alert, also warns that “very high levels of unemployment” could be here to stay.
The commission explains this saying the creation of employment is levelling out.
Despite the fact that the situation in the labour market has improved since the spring of 2013, “the decline of unemployment has reached a stopping point, and the level of unemployment has stabilised since October 2014, with a reduction of employment”.
Long-term unemployment is now responsible for 60% of the total number of people without a job, and 32.2% of the country’s young people are still unemployed.
Thus, “looking forwards” says the commission, the growth of employment is likely to be “more related to the growth of GDP” – another reason why the country is being so closely monitored over its excessive debt levels.
natasha.donn@algarveresident.com
