The Portuguese Dilemma of Unstable Pensions

Portugal's high public debt, its weak economic growth and its great attractiveness for foreign tourists are legend. Less well known is its unstable system of public pensions. This article addresses the underlying economic and political reasons, such as poor labour productivity, low real wages,...

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Bibliographic Details
Published in:Inter economics 2022-11, Vol.57 (6), p.394-398
Main Author: Sell, Friedrich L
Format: Article
Language:English
Subjects:
Age
Birth rate
Economic growth
Economic Policy
Economics
Economics and Finance
European Integration
GDP
Gross Domestic Product
Immigration
Immigration policy
Labor Economics
Labor force
Labor productivity
Life expectancy
Macroeconomics
Minimum wage
Monetary unions
Pensions
Productivity
Public debt
Retirement
Social Policy
Wages & salaries
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Summary:Portugal's high public debt, its weak economic growth and its great attractiveness for foreign tourists are legend. Less well known is its unstable system of public pensions. This article addresses the underlying economic and political reasons, such as poor labour productivity, low real wages, insufficient immigration of trained people and the failure to find alternative ways of financing retirement. NextGenerationEU will effectively soften Portugal's macroeconomic budget constraints, but it carries the risk of further postponement of necessary policy changes and reforms.
ISSN:1613-964X
0020-5346
1613-964X
DOI:10.1007/s10272-022-1093-y