“Most critical point of the economic contraction has already passed”

in News · 02-08-2020 08:00:00 · 1 Comments

Economy Minister Pedro Siza Vieira has said that some recent indicators of business activity and employment "lead us to think that the most critical point of the economic contraction is behind us".

"We have had news from the National Statistics Institute (INE) and the Institute of Employment and Professional Training (IEFP) that lead us to think that, in fact, the most critical point of this economic contraction has already passed", he said, in statements to journalists.

Speaking in Felgueiras, in the district of Porto, where he visited a footwear company and met with representatives of the sector, the government official said that, although there was still "growth in the number of unemployed", and it appears that "in June there were already more job offers and more job placements than in May.

"It is still very little, but clearly there is already a slowdown in the rise in unemployment", he stressed.

"Now that economic activity is starting to resume, albeit slowly, support [to companies] has to be directed to co-participate and support the payment of wages."


Famous last words? Not a mention of a second or third wave. Just have a look at Asia and you'll know that this article is just a load of hopium from politicians hoping to get reelected. Many companies and even more independents will not be able to survive yet another wave of covid cases. The travel industry forever changed, fewer number of tourists coming over than ever before. Saying the worst is behind us is not understanding the deeper impact this pandemic has.

By Max from Algarve on 03-08-2020 10:54
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