Let me develop further an idea that is given by these 2 figures, when read jointly (thanks, Luís, they are very informative). There is a stylized fact of the Portuguese economy that the least informed readers may not know: Historically, the Portuguese unemployment rate has declined only in years of real GDP growth above 2 percent/year. It is thus clear what we're heading for in the next years... will there be, at last, the social unrest that seems unavoidable for "things" to get shaken? how much suffering will structural change entail in our country? (the answer my friend, is blowing in the wind...)
Let me develop further an idea that is given by these 2 figures, when read jointly (thanks, Luís, they are very informative).
ReplyDeleteThere is a stylized fact of the Portuguese economy that the least informed readers may not know: Historically, the Portuguese unemployment rate has declined only in years of real GDP growth above 2 percent/year.
It is thus clear what we're heading for in the next years... will there be, at last, the social unrest that seems unavoidable for "things" to get shaken? how much suffering will structural change entail in our country? (the answer my friend, is blowing in the wind...)