{
  "title": "Portugal: Staff Report for the 2008 Article IV Consultation",
  "publication": "IMF Staff Country Reports, October 3, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/portugal-staff-report-for-the-2008-article-iv-consultation-22397",
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  "summary": "Portugal’s 2008 Article IV Consultation highlights that Portugal’s financial system remains sound and well supervised. Portugal has accumulated substantial macroeconomic imbalances, and the policy challenge is to smooth the adjustment, containing domestic demand while increasing productivity and flexibility, thus rebalancing growth to the external sector. The weaker global conditions should thus be taken as a reason to strengthen efforts to reignite the stalled convergence process and continue fiscal consolidation and reform.",
  "publishDate": "2008-10-03",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary",
      "content": "- Portugal’s 2008 Article IV Consultation highlights that Portugal’s financial system remains sound and well supervised.\n- Portugal has accumulated substantial macroeconomic imbalances.\n- The policy challenge is to smooth the adjustment by:\n  - containing domestic demand, and\n  - increasing productivity and flexibility,\n  - thus rebalancing growth to the external sector.\n- Weaker global conditions should be taken as a reason to:\n  - strengthen efforts to reignite the stalled convergence process, and\n  - continue fiscal consolidation and reform.\n- Publication date: October 3, 2008."
    },
    {
      "heading": "Financial sector assessment",
      "content": "- The report finds the financial system remains sound and well supervised.\n- Emphasis on continued supervision and resilience in the face of weaker global conditions."
    },
    {
      "heading": "Macroeconomic imbalances and external rebalancing",
      "content": "- Identified problem: substantial macroeconomic imbalances accumulated in Portugal.\n- Recommended strategy:\n  - Smooth the adjustment process,\n  - Contain domestic demand,\n  - Increase productivity and flexibility,\n  - Rebalance growth toward the external sector."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Use weaker global conditions as impetus to:\n  - Strengthen efforts to reignite the stalled convergence process,\n  - Continue fiscal consolidation and reform.\n- Focus areas implied by subjects and keywords:\n  - Balance of payments, Current account and Current account deficits,\n  - Banking and Financial markets,\n  - Competition and Labor market flexibility,\n  - Public debt management and savings-investment balance,\n  - Measures affecting employment growth, GDP, investment, and securitized loan markets."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Balance of payments, Banking, Competition, Current account, Current account deficits, Financial markets, Labor, Public debt\n- Keywords: bank equity price, Competition, CR, Current account, Current account deficits, deficit, employment growth, GDP, Global, growth, growth outlook, investment, ISCR, savings-investment balance, securitized loan\n\nPortugal: Staff Report for the 2008 Article IV Consultation, IMF Staff Country Reports 2008, 323 (2008).\n\n---\n\n Content in this bundle\n\n- Cr08323\n  - Cr08323 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/portugal-staff-report-for-the-2008-article-iv-consultation-22397"
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    "Published: October 3, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451832303.002",
    "Portugal’s 2008 Article IV Consultation highlights that Portugal’s financial system remains sound and well supervised.",
    "Portugal has accumulated substantial macroeconomic imbalances.",
    "The policy challenge is to smooth the adjustment by:",
    "Weaker global conditions should be taken as a reason to:",
    "Publication date: October 3, 2008.",
    "The report finds the financial system remains sound and well supervised.",
    "Emphasis on continued supervision and resilience in the face of weaker global conditions.",
    "Identified problem: substantial macroeconomic imbalances accumulated in Portugal.",
    "Recommended strategy:",
    "Use weaker global conditions as impetus to:",
    "Focus areas implied by subjects and keywords:",
    "Subject: Balance of payments, Banking, Competition, Current account, Current account deficits, Financial markets, Labor, Public debt",
    "Keywords: bank equity price, Competition, CR, Current account, Current account deficits, deficit, employment growth, GDP, Global, growth, growth outlook, investment, ISCR, savings-investment balance, securitized loan",
    "**Cr08323**"
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