Portugal is Economy of the Year 2025: deservedly?
Portugal has been named the "Economy of the Year" for 2025 by the British magazine The Economist. Thirty-six wealthy countries were included in the assessment. The government in Lisbon has seized the opportunity to give itself a pat on the back, but Portuguese media outlets take a different view.
Who is reaping the benefits here?
Lawyer Fábio Pimentel calls in Público for a more comprehensive analysis:
“The government is celebrating this international recognition with the enthusiasm of those who have found external confirmation for internally controversial measures. Prime Minister Luís Montenegro speaks about 'just recognition of the merits and work of the Portuguese people'. But which Portuguese people does he mean? The Economist assesses economies on the basis of five indicators: inflation, GDP, employment, the stock market and deviation from the inflation target. These are valid but incomplete metrics. They don't take account of the precarious situation of those who can't pay their rent, or the young talented people who are leaving the country. ... They measure the economy that is of interest to investors, not necessarily that which interests citizens.”
Only a paradise for tourists
Correio da Manhã also considers this a bitter-sweet victory:
“An economy that is not growing, but is good for wealthy tourists who want to buy golden visas and avoid paying taxes. An economy with full employment, a labour market full of migrant workers whom the government wants to send back to their home countries. An economy that shows the world how wonderful it is to live in Portugal but is not in a position to create an affordable housing market. An economy that does not distribute wealth but concentrates it among the usual suspects, drives young people abroad, and pushes people out of city centres whose public services are run down and reliant on money from EU resilience funds.”
Triumph of the bad students
Portugal is the third former euro crisis country after Greece and Spain to make it to the top spot. Expresso is full of admiration:
“Within a decade, Calvinist Europe has handed over the reins to the bad students from the south, who had to endure tough bailout measures, rebuild their financial system and try to get their public finances in order and find ways to stimulate growth.”