The United Nations (UN) predicts that Portugal’s Gross Domestic Product (GDP) will grow by 0.5% this year and 1.7% in 2024, according to the economic report, released this Wednesday.

The numbers, in general, place Portugal at a level not very different from that of the European Union as a whole, which is expected to grow by 0.2% in 2023 and 1.6% next year, according to United Nations calculations.

These projections are part of the UN’s main economic report, the ‘World Economic Situation and Prospects Report 2023’, which also estimates that inflation will drop in Portugal to 6.2% in 2023 and 3.4% next year, staying above Spain , for example, which is expected to register inflation of 4.9% this year and 2.5% in 2024. Inflation in the European Union is expected to be 6.6% this year and 3.3% in 2024.

Regarding unemployment, the United Nations report estimates that the rate in Portugal will be set at 5.9% this year and 6% in 2024.

According to the report presented today, the organization forecasts a sharp slowdown in growth in most of the world’s advanced economies, in a context marked by inflation and high interest rates.

In the case of Europe, the UN highlights the impact of the war in Ukraine, with a drop in consumption and investment as a result of high energy costs, higher prices and unfavorable financial conditions.

This will cause many countries in the region to fall into a “mild” recession, according to the UN, which predicts small economic contractions during 2023 in Germany, Italy, Greece, Austria, Denmark, Finland or Sweden.

In its report, the United Nations recalls that the GDP of several European countries is still recovering from the collapse suffered as a result of the covid-19 pandemic.

According to UN data, the Portuguese economy grew 6.6% in 2022, after registering 4.9% in 2021 and a contraction of 8.4% in 2020.

In 2023, the organization expects inflation to moderate only gradually in Europe and warns that European monetary authorities have to find a difficult balance to ensure that their price containment measures do not exacerbate the economic slowdown.


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