>According to Expresso newspaper, **US economist Paul Krugman, winner of the Nobel Prize in 2008, called Portugal “a kind of economic miracle”** in an interview with newspaper Jornal de Negócios.
>
>After the debt crisis, “Spain eventually achieved economic recovery but did so through years of high unemployment, internal devaluation and falling costs,” he explained. Portugal, on the other hand, “had a recovery without it.”
>
>Krugman also shared with the newspaper, “I had long conversations with my friend Oliver Blanchard, the former chief economist of the International Monetary Fund, and he says, “I don’t understand how Portugal did so well.
>
>How did they do that?”. **His explanation is tourism and the growth of exports, but in general he indicated that “it’s a bit mysterious” how it all happened.**
>
>**In comparison with 2013 – the year in which he said that Portugal was a poor country with structural problems – Krugman indicates that there are “much fewer” problems today.**
There is no such thing as a Nobel prize in economics.
[removed]
Is this economic miracle in the room with us right now?
Portugal has been good with treating people like actual human beings and using the tools that work instead of pushing moralistic grandstanding and populist superstition.
How did portugal do it so well? Let’s see… was it due to the increase in homelessness? No. Was it due to an increase in poverty? No. Was it due to the increase in the cost of living? No. Was it due to selling the country to foreigners and modern-day “slavery”? Bingo
Quality of life keeps going down for everyone, it’s quite the miracle.
is the miracle working in other European countries and returning with a lot of money? jk
You see Krugman’s idiocy in full view when he talks about countries other than his own.
You really don’t understand the full ‘murica that is on display, unless it’s about your little part of the world. Then you see someone like Krugman getting even the very basic facts wrong on something a Google search could solve. Then again, it’s never meant for audiences beyond the US.
Portugal is like Balkan country lodged in the deep west. How they managed to be a country that was not ravaged and robbed by communists and still be so poor, there should be a special award just for them.
Lmao for who? Not for the average Portuguese, that’s for sure. The savage real estate bubble provoked by foreign investors, the craziest gentrification in the world, thousands of Portuguese workers needing to emigrate to bring some money to their families, very low salaries especially in relation to the living costs.
There’s no nobel prize in economics.
Over 271,000 Portuguese have come to crappy failing Britain in recent years. Britain must be even more miraculous.
Fake nobel prize
Its the legal drugs
People having trouble paying mortgages, rents higher than the average salary, national health insurance the shit, health bills through the roof (80% of my parents pension is for medical bills alone!), corrupt politicians, but sure, the country is a miracle.
Why is he still a thing, fuck him
Miracle my ass. The country has the highest taxes, the lowest wages, highest gas prices and highest house market to revenue in Europe even twice lower than Spain. Plus the the lowest percentage of youth who have no choice but live with parents above age of 35 and that’s 80% of young people. No major export systems except cork, oranges and olives. If there was no tourism the country would be a desert.
If you hear the right-wing retards over here, we’re at the brink of total collapse.
I bet they will vote for some right-wing party to handle this “economic miracle”. Even knowing the Portuguese are the kindest people to foreigners I’ve ever seen.
He is NOT a Nobel-prize winner. There is no such thing as Nobel prize for economy. There is just prize of swedish central bank.
This article is lacking in detail so I’m not really sure what Krugman is referring to. By what metric is the economy of Portugal a miracle?
Paul Krugman is an idiot
Economic disaster, with tens of thousands of young people leaving every year
I guess Portugal did well in comparison to other PIGS countries (except of Ireland of course). But it performed rather mediocre in comparison with eastern European countries with the similar GDP per capta levels.
I guess the reason for that is that the cost of labour in Portugal has been much lower than in Italy and Spain, so the export oriented industries could easier grow. Greece similarly poor on the other hand doesn’t have a significant export oriented industry, so thus nothing to grow.
As a Portuguese this I can only laugh at this.
Did Paul Krugman get paid by the portuguese socialist party because elections are coming, or is he a leftist and did this fake propaganda piece for free?
I knew it, the Golden Gate Bridge was in Portugal all the time. Can’t wait to visit São Francisco one day.
Isn’t the nobel prize for economy not a real one?
Did they escape east Europe?
If you bears think krugman is wrong, then post your short positions and your gains.
Portugal is doing great, the issue is that the middle class and below doesn’t benefit from it at all
He said this as invite for an event sponsored by the gov. Almost look like he was paid to say this.
Also im an eng, my gf a doctor and even while earning a lot more than the average, we only were able to buy a house from 1975 and after we saved a lot during several years. We are the lucky ones, lots of our friends just give up
Surely a an economic miracle for those external investors but not for the inhabitants that have to pay for it
What exactly is the ‘nobel prize in economics’ ?
Nobel prize in economics, though.
That’s like having a black belt in Aikido.
Krugman has became a meme at this point.
Growth stagnated, Eastern European economies surpassing us at every turn, quality of life plummeting, inhuman work-to-salary ratio culture, uncontrollable NHS/housing/inflation crisis, rampant corruption and incompetence in the political class…
Is the miracle that this country hasn’t collapsed into anarchy yet?
Portuguese miracle is based on golden visa. Retired wealth & cheap illegal immigrants, exploited in the farms & everywhere.
Portugal is growing as a low cost center for IT.. but scale is very small & concentrated in Porto/Lisbon.
More like economic nightmare!
Are they floating on digital nomad income? Is that actually helping the locals? Seems a bit Ireland-like, kind of “lots of money flowing to non-natives that looks like national income because they happen to be sitting here for tax/CoL reasons, but doesn’t actually improve life for the locals, just drives up CoL”.
Beautiful photograph of the bay. I’ve been to SF three times, twice for deployment and once for banging. I’d highly recommend the
41 comments
>According to Expresso newspaper, **US economist Paul Krugman, winner of the Nobel Prize in 2008, called Portugal “a kind of economic miracle”** in an interview with newspaper Jornal de Negócios.
>
>After the debt crisis, “Spain eventually achieved economic recovery but did so through years of high unemployment, internal devaluation and falling costs,” he explained. Portugal, on the other hand, “had a recovery without it.”
>
>Krugman also shared with the newspaper, “I had long conversations with my friend Oliver Blanchard, the former chief economist of the International Monetary Fund, and he says, “I don’t understand how Portugal did so well.
>
>How did they do that?”. **His explanation is tourism and the growth of exports, but in general he indicated that “it’s a bit mysterious” how it all happened.**
>
>**In comparison with 2013 – the year in which he said that Portugal was a poor country with structural problems – Krugman indicates that there are “much fewer” problems today.**
There is no such thing as a Nobel prize in economics.
[removed]
Is this economic miracle in the room with us right now?
Portugal has been good with treating people like actual human beings and using the tools that work instead of pushing moralistic grandstanding and populist superstition.
How did portugal do it so well? Let’s see… was it due to the increase in homelessness? No. Was it due to an increase in poverty? No. Was it due to the increase in the cost of living? No. Was it due to selling the country to foreigners and modern-day “slavery”? Bingo
Quality of life keeps going down for everyone, it’s quite the miracle.
is the miracle working in other European countries and returning with a lot of money? jk
You see Krugman’s idiocy in full view when he talks about countries other than his own.
You really don’t understand the full ‘murica that is on display, unless it’s about your little part of the world. Then you see someone like Krugman getting even the very basic facts wrong on something a Google search could solve. Then again, it’s never meant for audiences beyond the US.
Portugal is like Balkan country lodged in the deep west. How they managed to be a country that was not ravaged and robbed by communists and still be so poor, there should be a special award just for them.
Lmao for who? Not for the average Portuguese, that’s for sure. The savage real estate bubble provoked by foreign investors, the craziest gentrification in the world, thousands of Portuguese workers needing to emigrate to bring some money to their families, very low salaries especially in relation to the living costs.
There’s no nobel prize in economics.
Over 271,000 Portuguese have come to crappy failing Britain in recent years. Britain must be even more miraculous.
Fake nobel prize
Its the legal drugs
People having trouble paying mortgages, rents higher than the average salary, national health insurance the shit, health bills through the roof (80% of my parents pension is for medical bills alone!), corrupt politicians, but sure, the country is a miracle.
Why is he still a thing, fuck him
Miracle my ass. The country has the highest taxes, the lowest wages, highest gas prices and highest house market to revenue in Europe even twice lower than Spain. Plus the the lowest percentage of youth who have no choice but live with parents above age of 35 and that’s 80% of young people. No major export systems except cork, oranges and olives. If there was no tourism the country would be a desert.
If you hear the right-wing retards over here, we’re at the brink of total collapse.
I bet they will vote for some right-wing party to handle this “economic miracle”. Even knowing the Portuguese are the kindest people to foreigners I’ve ever seen.
He is NOT a Nobel-prize winner. There is no such thing as Nobel prize for economy. There is just prize of swedish central bank.
This article is lacking in detail so I’m not really sure what Krugman is referring to. By what metric is the economy of Portugal a miracle?
Paul Krugman is an idiot
Economic disaster, with tens of thousands of young people leaving every year
I guess Portugal did well in comparison to other PIGS countries (except of Ireland of course). But it performed rather mediocre in comparison with eastern European countries with the similar GDP per capta levels.
I guess the reason for that is that the cost of labour in Portugal has been much lower than in Italy and Spain, so the export oriented industries could easier grow. Greece similarly poor on the other hand doesn’t have a significant export oriented industry, so thus nothing to grow.
As a Portuguese this I can only laugh at this.
Did Paul Krugman get paid by the portuguese socialist party because elections are coming, or is he a leftist and did this fake propaganda piece for free?
I knew it, the Golden Gate Bridge was in Portugal all the time. Can’t wait to visit São Francisco one day.
Isn’t the nobel prize for economy not a real one?
Did they escape east Europe?
If you bears think krugman is wrong, then post your short positions and your gains.
Portugal is doing great, the issue is that the middle class and below doesn’t benefit from it at all
He said this as invite for an event sponsored by the gov. Almost look like he was paid to say this.
Also im an eng, my gf a doctor and even while earning a lot more than the average, we only were able to buy a house from 1975 and after we saved a lot during several years. We are the lucky ones, lots of our friends just give up
Surely a an economic miracle for those external investors but not for the inhabitants that have to pay for it
What exactly is the ‘nobel prize in economics’ ?
Nobel prize in economics, though.
That’s like having a black belt in Aikido.
Krugman has became a meme at this point.
Growth stagnated, Eastern European economies surpassing us at every turn, quality of life plummeting, inhuman work-to-salary ratio culture, uncontrollable NHS/housing/inflation crisis, rampant corruption and incompetence in the political class…
Is the miracle that this country hasn’t collapsed into anarchy yet?
Portuguese miracle is based on golden visa. Retired wealth & cheap illegal immigrants, exploited in the farms & everywhere.
Portugal is growing as a low cost center for IT.. but scale is very small & concentrated in Porto/Lisbon.
More like economic nightmare!
Are they floating on digital nomad income? Is that actually helping the locals? Seems a bit Ireland-like, kind of “lots of money flowing to non-natives that looks like national income because they happen to be sitting here for tax/CoL reasons, but doesn’t actually improve life for the locals, just drives up CoL”.
Beautiful photograph of the bay. I’ve been to SF three times, twice for deployment and once for banging. I’d highly recommend the