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IMF cuts growth prediction for Portuguese economy to 1 pct for 2016

Xinhua, October 5, 2016 Adjust font size:

The International Monetary Fund (IMF) cut Portugal's economic growth forecast for this year, anticipating 1 percent growth, according to its latest World Economic Outlook published Tuesday.

The IMF's latest forecast for Portugal's economic growth was lower than the 1.3 percent of the last prediction made in April.

The IMF also expected portugal's economy to grow 1.1 percent in 2017, down from its 1.3 percent estimate in April.

The estimation was less optimistic than that of the Portuguese government, with Prime Minister Antonio Costa hoping the economy would grow 1.8 percent this year.

The IMF upgraded its projections for unemployment in Portugal to 11.2 percent this year from 11.6 percent projected in April and to 10.7 percent next year from 11.1 percent.

The center-left Socialist government led by Antonio Costa, and supported by the Left Bloc and Communist Party, came into power in November, and has rolled back austerity measures taken after Portugal's 78 billion euro bailout in 2011.

The IMF recently has warned Portugal it is facing a slow-down due to the country's anti-austerity approach. Endit