The Economy of Portugal is a high income mixed economy. The Global Competitiveness Report 2008-2009 edition placed Portugal in the 43rd position out of 134 countries and territories.
Most imports come from the European Union countries of Spain, Germany, France, Italy, and the United Kingdom. Most exports also go to other European Union member states. The Portuguese currency is the euro (€) and has been a part of the Eurozone from the beginning. Portugal's central bank is the Banco de Portugal, which is part of the European System of Central Banks. The major stock exchange is the Euronext Lisbon which is part of the NYSE Euronext, the first global stock exchange.
Although its gradual modernization and relative expansion since the 1960s, the educational system remained underdeveloped until the 2000s when it finally reached the World's best practices and trends. However, the country has been increasingly overshadowed by lower-cost producers in Central Europe and Asia as a target for foreign direct investment. These long-term problems have hindered much economic growth.
The Financial Crisis of 2008 is still affecting the Portuguese economy severely, causing a wide range of domestic problems specifically related to the levels of public deficit in the economy, as well as the excessive debt levels. Nonetheless, the government faces tough choices in its attempts to stimulate the economy, while attempting to maintain its public deficit around the EU average. In April 2011, Portugal confirmed it will have a financial bail-out from the European Union worth €80bn ($115bn, £70bn), following Greece and the Republic of Ireland. It has been predicted that the Portuguese economy will not significantly recover until 2012.
The country is home to a number of noted leading companies with world reputation, like Grupo Portucel Soporcel, a major world player in the international paper market, Sonae Indústria, the largest producer of wood-based panels in the world, Corticeira Amorim, the world leader in cork production, and Conservas Ramirez, the oldest canned fish producer in continuous operation.
Read more about Economy Of Portugal: Employment and Wages, Economy By Sector, Financial Market, Domestic Problems, Education, Training and Research in Business and Economic Sciences
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