Right now, experts are forecasting growth of 0.9% in the first. The use of the term " recession " in U.S. Federal Reserve's . We appreciate that not everyone can afford to pay for our services but if you are able to, we ask you to support The Portugal News by making a contribution no matter how small. Although we do not yet have economic indicators that capture the impact of the COVID-19 pandemic on economic activity in Portugal (where the outbreak was not felt until early March), the entry into force on 18 March of the state of emergency (with the consequent social isolation measures, key to halting the spread of the pandemic) has resulted in a freeze of economic activity. - 09 Nov 2022, 11:00, In News, Portugal The U.S. economy will probably slip into a recession this quarter and next. Recession fears have been rising in many economies, especially in the developed world. According to public statements, the monthly cost is 1 billion euros. In 2022, however, unemployment is still at a record low. BRL/USD. Goldman Sachs forecasts worse case recession as traders dump stocks & crypto. Jordan Smith produced a tremendous display of frontrunning to claim his second DP World Tour title with a sensational three-shot victory at the 2022 Portugal Masters. The government estimates the sum of these deferrals to be 5.2 billion euros (2.5% of GDP). +1.11%. On average about +17%. scenario of convergence with the European Union, he added. On Friday we barely escaped closing in bear market territory ending the week off -18.6% from the highs last year. Read More. . INE said the economy expanded 6.9% from the same period a year earlier, well below the 11.8% recorded in the preceding quarter. - 09 Nov 2022, 14:03, In News, Portugal, Crime, Algarve The worst-case scenario is far direr. The prime minister stated that from 2015 to today, nominal By. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. On the contrary, the scenario we have is that Portugal will continue to Rising Bond Yields However, the National Bureau of Economic Research (NBER) of Cambridge, Massachusetts, a private, nonpartisan organization of nearly 1,700 economists that analyze major economic issues, defines a recession as "a significant decline . A recession may be coming in 2022 and there are a few signs investors can watch that back up that idea. This year we are the European Union country that had the 2021 we have already surpassed the 48% share of wages in GDP, not because wages These are channelled through the banking sector and offer more favourable financing conditions than ordinary lines of credit: lower interest rates, interest payment grace periods and longer maturities, among others. The familiar precursors of a recession have arrived: an inverted yield curve and rising interest rates on the back of high inflation (8.5% in March), with COVID uncertainty and disruptions caused by Russia's invasion of Ukraine thrown in. GDP is the common measurement of the size of a country's economy. In addition, payments of personal income tax withholdings and VAT can be postponed by between 3 and 6 months from April. We appreciate that not everyone can afford to pay for our services but if you are able to, we ask you to support The Portugal News by making a contribution no matter how small. In News, Business, Portugal - 04 Nov 2022, 15:06 Serenity, the support you need for a smooth transition into Portuguese healthcare In Health , Portugal , Company News - 04 Nov 2022, 10:01 Author: Tiziana Barghini. 3 November 2022 Listen: Rate hikes, recession, rate cuts. - 09 Nov 2022, 12:03. What will the Portuguese Government do when the country is obliged to actually MAKE contributions to the EC budget instead of being propped up and subsidised by the EC? In most recessions, economic output and employment decline simultaneously. - 09 Nov 2022, 10:19, In News, Portugal By Lisa Send us your comments or opinion on this article. Send us your comments or opinion on this article. We don't yet have the figures for the next three-month period, but on 3 November, the Bank of England warned that the UK "is expected to be in recession for a prolonged period". portugal is home to a number of notable leading companies with worldwide reputations, such as the navigator company, a major world player in the international paper market; sonae indstria, the largest producer of wood-based panels in the world; corticeira amorim, the world leader in cork production; conservas ramirez, the oldest canned food Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Last week's consumer price index (CPI) report revealed year-over-year inflation reaching 9.1%, the highest rate since 1981. Are we looking at a recession in 2022? The government or The Federal Reserve Board (the Fed) set the interest rate with the use of the monetary policy. 3 Affiliate Marketing According to Statista, affiliate marketing spending in the UUSalone will reach $8.2 billion by 2022. your password These measures have a clear economic cost, albeit a temporary one, and activity can be expected to quickly recover following their withdrawal. The Bank of England has not technically predicted a recession. - 09 Nov 2022, 12:26, In News, Portugal, Business In addition, the public accounts ended 2019 with a surplus, the current account balance was close to equilibrium, and unemployment stood below 7%. GDP has grown by 20% and that this has been the countrys sustained growth - 09 Nov 2022, 10:19, In News, Portugal Speaking a week after the . trajectory. By Ana Beatriz Bartolo. By Fred Doe What has heightened fears of a recession is a sharp rise in inflation, which could put prices up by 10 per cent by the end of this year.. Skyrocketing inflation and higher interest rates are setting the stage for a massive global financial crisis. - 09 Nov 2022, 11:04, In Lifestyle According to the Prime Minister, the economic scenario for [2] Share this article: And therefore, this is not the Reaching over 400,000 people a week with news about Portugal, written in English, Dutch, German, French, Swedish, Spanish, Italian, Russian, Romanian, Turkish and Chinese. The deeper the recession the bigger the bump in earnings. In the UK it is measured in sterling and is a calculation of the value of goods and services produced over a period of time. Antnio Costa said that on Monday the Government will The Portuguese economy was facing 2020 from a position of strength. Share this article: take place with the convergence of wages, and whats more, that wage growth from Other on 04 Oct 2022, 15:27, In News from Algarve on 01 Oct 2022, 12:42. - 09 Nov 2022, 12:26, In News, Portugal, Business 4 Comments. - 09 Nov 2022, 13:01, In News Share, In News, Portugal - 09 Nov 2022, 20:03, In News, Portugal The nation's GDP grew 2.7% in 2017 the highest in . Log into your account. Aug. 16 2022, Published 9:31 a.m. Send us your comments or opinion on this article. - 03 Nov 2022, 15:04, In News, Portugal, Politics And . Beyond these measures, there are others aimed at supporting households and firms, which include the elimination of minimum charges on electronic payments in shops and the deferral of loan repayment instalments. The industry leader for online information for tax, accounting and finance professionals. In 2021, GDP growth would reach around 6%, primarily due to the base effects. Causes of Crisis. Welcome! In addition, the turmoil caused by the COVID-19 pandemic will have a widespread effect across all the other main macroeconomic variables: in the external accounts, the public accounts and the real estate market. There are sectors and companies which have reported declines in their activity of more than 70% in the second half of March (bakeries and restaurants), while motorway traffic fell by 75% in the third week of March.1 These measures have a clear economic cost, albeit a temporary one, and activity can be expected to quickly recover following their withdrawal. info@theportugalnews.com, 2022 The Portugal News - Established 1977. - 09 Nov 2022, 17:04. According to data from IAPMEI and eGOV. +351 282 341 100 After having in 2019 the first budget surplus since its democracy, Portugal may now have its worst recession of the same period. If the pandemic in Portugal is brought under control as planned (between late April and early May), economic activity could recover substantially in Q3, undoing part of the losses suffered. from UK on 03 Oct 2022, 15:11. The head of government responded to the sole deputy of - 09 Nov 2022, 13:01, In News In a poll carried out on behalf of CNBC last month, 81 percent of US adults said they. present the State Budget for next year, which is a Budget that is adjusted to - 06 Nov 2022, 08:03, In News, Portugal, Property take place with the convergence of wages, and whats more, that wage growth This figure assumes that sectors such as tourism, accommodation, catering or cultural activities, among others, will experience a complete shutdown or will be seriously affected (with a relative weight of around 20% of the GVA); others, such as industry, construction and real estate activities, will see their activity limited by the mitigation and isolation measures (together, accounting for around 40% of the GVA), while the remaining sectors are assumed to maintain a more normal level of activity, provided they can adapt to remote working. In addition, the Bank of Portugal has suggested a relaxation of the conditions for access to personal credit. . By Fred Doe Estimates based on the impact of a shutdown of around eight weeks on the GVA of the various sectors, which are classified as being in shutdown, being limited, operating normally and in overdrive. July 23, 2022. there are sectors and companies which have reported declines in their activity of more than 70% in the second half of march (bakeries and restaurants), while motorway traffic fell by 75% in the third week of march.1 these measures have a clear economic cost, albeit a temporary one, and activity can be expected to quickly recover following their This drop in sales must be verified on the date the line of credit is contracted. On June 21, 2022, the bank's economists told Bloomberg they see a 48% probability of a recession over the next two years, up from 35% previously. In response, Costa said that Portugal will continue to Anshika Mishra. - 09 Nov 2022, 20:03, In News, Portugal Finally, various financial institutions have announced measures to support businesses and households, such as making the conditions required to access moratoriums on credit repayments more flexible. In the latter case, for instance, sale transactions could fall by more than 20% in 2020. Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary Policy . We are proud to provide our readers from around the world with independent, honest and unbiased news for free both online and in print.Our dedicated team supports the local community, foreign residents and visitors of all nationalities through our newspaper, website, social media and our newsletter. But, as Ian King discussed in his latest article, the odds of a recession right now are only 35%. However, in Q2 we expect that economic activity will contract by around 15% compared to the previous quarter.2 This figure assumes that sectors such as tourism, accommodation, catering or cultural activities, among others, will experience a complete shutdown or will be seriously affected (with a relative weight of around 20% of the GVA); others, such as industry, construction and real estate activities, will see their activity limited by the mitigation and isolation measures (together, accounting for around 40% of the GVA), while the remaining sectors are assumed to maintain a more normal level of activity, provided they can adapt to remote working. This includes the almost immediate payment of expenses already incurred and of payments to suppliers, as well as the automatic deferral of reimbursements for a period of 12 months. We'll send you a myFT Daily Digest email rounding up the latest EU economy news every morning. For example, during the inflation-driven recessions of both 1982-1983, when the Fed raised its policy rate to 20%, and 1973-1974, when the rate reached 11%, S&P 500 profits fell 14% and 15%, respectively. Multiple forward-looking indicators that historically predict recessions are now blinking red. highest growth, next year the recession in many European countries will mean iv) Faster deliveries (or deferrals of reimbursements) with respect to EU funds pledged as part of the Portugal 2020 programme.6 This includes the almost immediate payment of expenses already incurred and of payments to suppliers, as well as the automatic deferral of reimbursements for a period of 12 months. a day ago. grow. Reaching over 400,000 people a week with news about Portugal, written in English, Dutch, German, French, Swedish, Spanish, Italian, Russian, Romanian, Turkish and Chinese. ET. - 09 Nov 2022, 12:26, In News, Portugal, Business The COVID-19 changed completely the outlook. The Bank says it. 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