I have written it more than a year ago - when we looked at productivity in Portugal and we compared it with Germany, Portugal had lost 20% productivity vs a common comparison point a few years back. This means the Portuguese worker was producing significantly less than a German one - http://my2centsontheworld.blogspot.com/2010/06/on-labour-laws-change.html . As so, it shouldn't come as a surprise the study that says that Portugal needs to devalue its currency on 22%. And if that is not possible, that we should decrease our wages accordingly.
For those that still didn't understand, one of the root issues of Portugal's economical crisis is low productivity. Our workers don't produce enough for what they are paid when we compare vs the other countries in the globe. It is tough to say it - but it is the reality...
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