Armindo Monteiro, president of the Portuguese Business Association, comments on a study by economists James Robinson and Nuno Palma titled "Unlocking Portugal's Growth", which identifies the structural problems of the Portuguese economy and proposes a pragmatic approach for its growth. The study highlights as a major priority "Portugal on time", meaning a State that legally fulfills what it promises to citizens and companies, serving as a catalyst for a broader set of structural reforms.
Portugal presents worrying economic indicators, being the 9th country with the lowest GDP per capita in the European Union, representing only 68% of the European average. The average Portuguese salary is the 10th lowest in the EU, corresponding to 62.3% of the average, and a Portuguese worker earns on average less than half of what a German, Austrian, or Danish worker earns. Portuguese labor productivity is equally low, with each Portuguese worker producing 56,800 euros annually, compared to 85,300 euros for the European average.
The major challenge identified for Portugal is that of productivity, with Portuguese median net wage of 980 euros compared to approximately 1,800 euros for the European average. Productivity per hour in Portugal is 29 euros, while Germany reaches 63 euros, generating a difference of 272 euros per working day. Monteiro argues that Portugal can achieve European wage levels, but for this it needs to transform its economic profile, reducing the weight of low value-added sectors such as tourism and restaurants.
Monteiro calls for a "stir of the Productive Nation", rejecting both widespread pessimism and naive optimism. He argues that it is necessary to move from desire to intention and from intention to action, focusing the Portuguese economy on creating real value, valuing work, investing in businesses, and administrative simplification. Success depends on the capacity to mobilize all stakeholders, including policymakers, businesses, academia, and civil society, for a consensual action plan that allows Portugal to approach European levels of wealth and wages.
