{
  "title": "Portugal: Fifth Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Portugal",
  "publication": "IMF Staff Country Reports, February 22, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/02/22/portugal-fifth-post-program-monitoring-discussions-press-release-staff-report-and-statement-44674",
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  "summary": "The Fifth Post-Program Monitoring Discussions with Portugal highlight a welcome upturn in growth in the second half of 2016 after a sluggish first half, boosted by stronger exports and a further decline in unemployment to precrisis levels.",
  "publishDate": "2017-02-22",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Economic outlook and growth",
      "content": "- The Fifth Post-Program Monitoring Discussions highlight a welcome upturn in growth in the second half of 2016 after a sluggish first half.\n- Stronger exports are cited as a key driver of the improved performance in the second half of 2016.\n- Unemployment declined further to precrisis levels, supporting an improved near-term outlook.\n- Medium-term growth could be put on a more sustainable footing by reducing structural bottlenecks and high levels of corporate debt."
    },
    {
      "heading": "Fiscal position and public debt",
      "content": "- The revised 2016 fiscal target appears likely to have been met.\n- Prospective public outlays for banking sector recapitalization continue to weigh on public debt trends."
    },
    {
      "heading": "Banking sector and financial stability",
      "content": "- Banking sector recapitalization needs are identified as a source of potential public outlays that affect public debt dynamics.\n- Corporate debt levels are highlighted as a structural vulnerability that could impede sustainable medium-term growth."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Reduce structural bottlenecks to support more sustainable medium-term growth.\n- Address high levels of corporate debt to improve resilience and growth prospects.\n- Monitor and manage prospective public outlays for banking sector recapitalization to contain adverse impacts on public debt trends.\n\nInternational Monetary Fund. European Dept. \"Portugal: Fifth Post-Program Monitoring Discussions-Press Release; Staff Report; and Statement by the Executive Director for Portugal\", IMF Staff Country Reports 2017, 058 (2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/02/22/portugal-fifth-post-program-monitoring-discussions-press-release-staff-report-and-statement-44674"
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    "Published: February 22, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475580198.002",
    "The Fifth Post-Program Monitoring Discussions highlight a welcome upturn in growth in the second half of 2016 after a sluggish first half.",
    "Stronger exports are cited as a key driver of the improved performance in the second half of 2016.",
    "Unemployment declined further to precrisis levels, supporting an improved near-term outlook.",
    "Medium-term growth could be put on a more sustainable footing by reducing structural bottlenecks and high levels of corporate debt.",
    "The revised 2016 fiscal target appears likely to have been met.",
    "Prospective public outlays for banking sector recapitalization continue to weigh on public debt trends.",
    "Banking sector recapitalization needs are identified as a source of potential public outlays that affect public debt dynamics.",
    "Corporate debt levels are highlighted as a structural vulnerability that could impede sustainable medium-term growth.",
    "Reduce structural bottlenecks to support more sustainable medium-term growth.",
    "Address high levels of corporate debt to improve resilience and growth prospects.",
    "Monitor and manage prospective public outlays for banking sector recapitalization to contain adverse impacts on public debt trends.",
    "**Country Report**"
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