We would like to share an article about Portugal from Chosun Ilbo on September 26, 2019.
The title of the article is "Portugal on its Golden Days Now."
The Original article and unofficial translation is below.
Portugal on its golden days now (Unofficial Translation)
While the world is concerned about the recession, there is a country that smiles brightly. It is Portugal, which was once ridiculed with Italy, Greece, and Spain as the "pigs of fiscal deficits (PIGS)."
Due to the global financial crisis in 2008 and the huge fiscal deficit, Portugal had its economic growth rate drop up to -4% and unemployment rate up to 17% around 2010.
But while other 'Pigs' still suffered from fiscal deficits, Portugal quickly turned over the situation. The economic growth rate was 2.8% last year, and the bailout of € 78 billion was paid back early. The unemployment rate has fallen to 6.7% and is expected to reach balanced finance for the first time in 40 years.
Low oil prices and the global tourism boom have helped to regenerate. But foreign media and experts pay more attention to Portugal's practical economic policies. Despite political opposition, the government continued to tighten its fiscal stance and attracted foreign immigration and investment.
In 2011, the Government of PSD has adopted the 'Golden Visa' system which is a long-term stay visa for foreigners who purchased or invested more than 500,000 Euros into Portugal.
Thanks to this, a large amount of rich foreign wealth came in and attracted 3 billion Euros by last year. Foreign direct investment (Greenfield FDI) has been the fastest growing in Europe for the last three years as they buy real estate property and start business.
In 2015, the government of Socialist Party did not change the economic policy from the former regime. The revised nationality law is even more active in attracting immigration and foreign investment, granting Portuguese citizenship to 10,000 descendants of Iberian Jews who were deported from Portugal more than 500 years ago. The government is also active in improving the industrial structure, which is focused on the tourism industry, such as a fund of 200 million Euros to attract startups and foreign companies.
Antonio Costa's Prime Minister's economic policy is not without noise. He said that "the economy has improved under the current regime is not a political debate but an obvious fact." He takes pride in having worked as a countermeasure.
In the general election next month, the Socialist Party is gaining momentum. Is it too much to expect for the Korean government and ruling party to learn the lessons of Portugal's left wing with all the sucess?