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.
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