Portugal’s economic recovery program is “broadly on track, despite stronger headwinds” to growth, the International Monetary Fund, the European Central Bank and the European Union said today in a joint statement.
The nation’s economy is expected to contract 1 percent next year and then expand by 0.8 percent in 2014, the three organizations, often referred to as the “troika,” said after a week-long review of the program.
The troika also said that Portugal “should gradually return to positive quarterly growth rates” next year.
To contact the reporter on this story: Jeff Kearns in Washington at email@example.com
To contact the editor responsible for this story: Chris Wellisz at firstname.lastname@example.org