“2023 is going to be a very difficult year. No one knows how difficult. It depends on whether the war is long or short, it depends on whether the effects of the war remain very high or not, it depends on whether inflation starts to decrease or not depends on the solution of the energy problems and the energy costs”stated Marcelo Rebelo de Sousa, as “everyone knows it will be worse than 2022”.
The head of state commented in Leiria on the global economic forecasts report released today by the Organization for Economic Co-operation and Development (OECD).
In the document, the OECD forecasts that Portuguese economic growth will slow from 6.7% this year to 1% in 2023 and 1.2% in 2024, with inflation at 8.3% in 2022, 6.6% in 2023 and 2.4% in 2024.
“Real GDP growth [Produto Interno Bruto] is expected to drop from 6.7% in 2022 to 1% in 2023 and 1.2% in 2024, with the Russian invasion of Ukraine, supply chain disruptions, rising energy prices and rising interest rates hurting activity. global economic forecast report (“Economic Outlook”).
Marcelo Rebelo de Sousa said he had recently received the president of one of the major auto industry groups who told him that “vehicle sales in America and Europe had already started to slow down and that he foresaw the economic situation in the first semester of next year”.
“But nobody knew if it was just a semester, if it was more than a semester, if it was very deep, if it wasn’t very deep. But that there is an economic problem there and that it will reach – he gave the example – Europe and the United States of America,” said the head of state, noting that “likely to affect other economies in the world.”
Source: DN
