• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Youth unemployment and economic growth. Portugal

Extracts from this document...


Transfer-Encoding: chunked ´╗┐Student ID: w17005765 Topic. Youth unemployment and economic growth Country: Portugal Committee: International Labour Organisation Conference Youth unemployment represents the part of the population between the ages of 15-24, who are at present unemployed or looking for work, and whom can predict the future of labour force participatory to the economy (OECD, 2016). In the third quarter of 2017, Portugal?s youth unemployment rate was down to 25.7% from an all-time high of 40.7% in 2013; women were affected 4% more than men (Trading Economics, 2017). Labour force participation rate towards the economy is situated at 59.3% of the population while overall unemployment is at 8.5% out of the 10.32 million population in Portugal in the third quarter of 2017 (Trading Economics, 2017). Portugal?s GDP was at $204.5 billion in 2016 [Chart] (World Bank, 2017) showing a slow improvement of 0.2% in GDP in the second quarter of 2017 (Khan, M and Wise, P. 2017) mainly assisted by exports which account for 40% of GDP (OECD, 2017). The public deficit, escalating unemployment, austerity measures aimed to curb recession and excessive debt levels of a fragile banking sector has caused slow economic growth in Portugal (Pritchard, A, E. ...read more.


Measures taken by Government to curb recession by borrowing money from IMF drove to a higher inflation rate. Also, the government reduced its public spending on education, health, and infrastructure, these actions having a negative impact on its economic growth (Stephan, C. 2016). The inability to provide skilled workers to the market to help with its demand has resulted in a rise in prices for utilities, consumers low confidence in spending and a slowdown in export demand (CEIC, 2017). The Portuguese government has set out changes to employment protection legislation designed to reduce youth unemployment and improve its economic growth by adopting more objective criteria of dismissals of workers and protecting them from dismissal without precise reason (OECD, 2015). Businesses approved the idea of more flexibility regarding employment, offering the employees more flexible working times that can help to balance their working and social life. However, this has been criticized by the General Confederation of the Portuguese Workers (CGTP) that specific laws allow employers to work up to 60 hours per week, and considered a step back in working regulations (Eurofound, 2009). ...read more.


No alternative to austerity? That lie has now been nailed. Retrieved November 17, 2017, from. https://www.theguardian.com/commentisfree/2017/aug/24/austerity-lie-deep-cuts-economy-portugal-socialist Khan, M. and Wise, P. (2017, August 14). Portuguese GDP growth slows to 0.2% in second quarter. Retrieved November 17, 2017, from. https://www.ft.com/content/efa2082d-f308-36b1-ad19-8b7c5846b197 OECD. (2015). OECD Skills strategy, diagnostic report, Portugal. Barriers to stable employment and good quality jobs, p. 78-79. Retrieved November 18, 2017, from. http://www.oecd.org/skills/nationalskillsstrategies/Diagnostic-report-Portugal.pdf OECD. (2016). Youth unemployment rate. Retrieved November 18, 2017, from. https://data.oecd.org/unemp/youth-unemployment-rate.htm OECD. (2017). OECD economic surveys: Portugal. The economy is progressively recovering and rebalancing, p.14, Retrieved November 20, 2017, from. https://www.oecd.org/eco/surveys/Portugal-2017-OECD-economic-survey-overview.pdf Pritchard, A, E. (2014, July 10). Portugal banking crisis sends tremors through Europe. Retrieved November 21, 2017, from. http://www.telegraph.co.uk/finance/financialcrisis/10960563/Portugal-banking-crisis-sends-tremors-through-Europe.html Stephan, C. (2016). Portugal. Weak growth, p 2. Retrieved November 21, 2017, from. http://economicresearch.bnpparibas.com/Views/DisplayPublication.aspx?type=document&IdPdf=29175 Trading Economics. (2017). Portugal labour force participation rate. Retrieved November 22, 2017, from. https://tradingeconomics.com/portugal/labor-force-participation-rate Trading Economics. (2017). Portugal Unemployment Rate. Retrieved November 22, 2017, from. https://tradingeconomics.com/portugal/unemployment-rate Student ID: w17005765 Trading Economics. (2017). Portugal youth unemployment rate. Retrieved November 22, 2017, from. https://tradingeconomics.com/portugal/youth-unemployment-rate UNICEF. (2013). At a glance: Portugal. Statistics. Retrieved November 22, 2017, from. https://www.unicef.org/infobycountry/portugal_statistics.html United Nations. (2015). Sustainable development goals. Portugal: Youth emigration [Motion picture]. Retrieved November 24, 2017, from. http://www.un.org/sustainabledevelopment/blog/2015/01/portugal-youth-emigration/ World Bank. (2017). Portugal [Chart]. GDP (current US$). Retrieved November 24, 2017, from. https://data.worldbank.org/country/portugal ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our University Degree Macroeconomics section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related University Degree Macroeconomics essays

  1. Discuss the bread industry in Malaysia - growth, revenue and pricing.

    are occupied by from 15 to 64 years old with 63.9% of total population. (CIA.gov, 2010) From all this data, we can conclude that, increases number of this age group lead increases in total population eventually increases demand for Bread, same goes to other industries.

  2. Should the Uk Join EMU

    The table shows 6 years, and in every year Germany had higher unemployment and in only one year did Italy have lower inflation. However, the monetarist critique says that if a country chooses too high an inflation rate (and has to devalue a lot)

  1. The Global Economic Crisis. The present project analyses different approaches of the crisis ...

    At that stage, worries concerning the solvency of the institutions were intensifying, but a general collapse was not taken into consideration. However, the general opinion suddenly changed when a major US investment bank (Lehman Brothers) went into bankruptcy in September 2008.

  2. FDI and MNC Create More Multiplier Effect to The Host Economy As Compared To ...

    The member countries feel that integration of textile and clothing sector into WTO would impact the exports prospects of the region, as majority of them are exporters of textiles and clothing. There is need of strong ties among themselves with introducing innovations in these areas to increase shares in the overseas market.

  1. The economic performance of Iran 1997-2008.

    Economic Policies The lack of coherence and coordination in economic policies is another source of Iran's economic weakness. Iran has experienced an intense political struggle between the proponents and opponents of economic reform over the past decade, and this has resulted in an erratic course of economic policy.

  2. Explain what is meant by the "natural rate of unemployment", what factors influence it, ...

    the expected rate of inflation on the Philips Curve is 'b' which is equal to zero. Meaning that there is no pressure upon prices or wages to change. If the Government attempts to reduce the natural rate of unemployment by increasing the supply of money in the economy, it would lead to a growing pressure upon wages and prices.

  1. The Impact of Domestic Policies on UK Investments & Exports During the Financial Crisis ...

    Fluctuations in the exchange rate had a powerful impact on inflation during this period (Chart 2.2a). The rise in borrowing costs and mortgage interest payments reduced disposable income for consumers, and caused a fall in aggregate demand. 2008 Global Financial Crisis The 2008 financial crisis triggered by the global ?credit crunch,? plunged the UK back into a deep recession.

  2. "Can financial markets ever be considered to be truly efficient; given that insider trading ...

    weak form says that current security prices instantaneously and fully reflect all information contained in past history of security prices. In other words, past prices past prices don?t provide any useful indication of future prices that could allow an investor to make excess returns from using trading rules based on historical prices.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work