2012 – The year of stretching our resilience

The Portuguese Central Bank just published its latest estimate for 2012 – and it means a 3% recession, on the back of public spending cuts, austerity tax measures, lower internal demand and a decline on exports (driven by a global slow down). It is a grim forecast for the future of the Portuguese productive and commercial tissues – and, therefore, for all Portuguese. It will be tough, it will be messy at times, it will never be easy. One way or the other, Portugal needs to be able to actually cope with this very challenging year, think thoughtfully where to focus its developments efforts (can someone start discussing a 5 to 10 years strategic plan for the country?) and get ready to get back to grow above expectations in 2013. But 2012, will really be the year of stretching Portugal’s (famous) resilience!

http://economia.publico.pt/Noticia/banco-de-portugal-preve-recessao-de-31-e-admite-cenario-ainda-pior-1528390