Resilience, good trends... but there are risks lurking
In this publication we publish the recently adjusted global macroeconomic and financial scenario, which includes an update of our outlook for the Portuguese economy in 2024 and 2025. Of these, the resilience of activity and employment in Portugal in the face of the multiple shocks that have arisen is particularly noteworthy, starting with the Covid crisis and culminating with the explosion in inflation, followed by the largest and fastest increase in interest rates in living memory (at least in the euro region). Added to this resilience are benign developments in internal and external balances - public accounts, external accounts, leverage indicators - which reflect a healthy recomposition of the balance sheets of households, companies and the state.