In the report on the current situation in the country, Brussels estimates that the Russian invasion of Ukraine “a direct impact on Portugal”, but “indirect effects can be seen”
The European Commission recommends this Monday that Portugal level cable next year “a prudent policy a posteriori” and that, for the period 2023, ensure “a credible and gradual reduction” of debt, which remains very high.
On the same day below that put Portugal back in the group of member states that they identify as having “macroeconomic imbalances”, precisely due to “the high levels of public, private and external debt, in a context of productivity growth”, the Commission, throughout the European semester of budgetary policies, organized every Monday from Monday, Portugal’s attention to the importance of consolidating its public accounts in a scenario of uncertainty.
Taking into account the analysis of the State budget plan for this year (OE2022), as well as the stability program and the national reform program of Portugal, recommended for 2023 “a prudent policy analysis, in particular limiting the advice of the recommendations National Expenditures rely on financial currents at a level below average expenditures to support support and having the expected timeframe for households and the company’s longest timeframe for potential energy price increases for people fleeing Ukraine”.
It is also recommended that the Portuguese authorities prepare themselves “to adjust current expenditure to the evolution of the situation” and Brussels through the use of the recovery and resilience mechanism, the [pacote energético] “RePowerEU” and other EU funds”.
Recommendations for a post 2023
For the period 2023, continuing the document, Portugal “dev and reforms”.
Portugal also includes the implementation project of its recovery and resilience plan, in accordance with the milestones and objectives, included in the implementation implementation of the Council of July 13, 2021, as well as to “present the programming documents of the political programming of commission2021-2027, with a view to proceeding with its implementation”.
Among the two important policies for 2023, the European Commission and the conditions for a transition to a circular, including increasing waste prevention, its recycling and reuse, if incinerators, and reducing its dependence on fossil fuels in the transport sector.
In the report on the current situation in the country, Brussels, estimates that the impact of the Russian invasion of Ukraine “a direct impact on Portugal”, but “the indirect effects can be displayed”.
“Portugal has a low dependence on Russian energy supplies. In 2020, it imported 10% of its natural gas from Russia (only liquefied natural gas, which is more easily replaceable), having not imported Russian coal and oil.
The Commission also highlights that “the overall volume of Portugal’s trade with both Russia and Ukraine is low”, given that “Porto depends on Ukraine for some basic agricultural products such as cereals and oil”.
“However, the indirect impact through disruptions in the global supply chain can be significant. The products related to the exclusive prices and parts of basic products, energy, but also metals, agricultural products, building materials for automobiles”, they pointed out.
In terms of food supply, “the risks are such as droughts and locations, which are increasing in frequency and intensity, affecting crop yields and affecting greater dependence on imported agricultural products”, warns the community executive.