In a united move, Portuguese startups fight to mitigate Covid-19 impact in unprecedented crisis
- Portugal
- 6 min read
- Apr 20, 2020
- By Gareth Gardiner Jones
Image: Shutterstock
As strong growth of previous years falters, Portugal's startups were quick to mobilize themselves to detail the help they would need from the state to deal with their biggest challenge yet
Portugal is facing its worst recession in living memory as businesses, large and small, are facing unprecedented contraction in the short-term because of the Covid-19 pandemic.
Economists are expecting a downturn worse than during the 2008 global financial crisis from which the country had only recently recovered. The IMF forecast last week that the country's GDP would shrink 8% this year compared with a 2.2% growth in 2019 and the unemployment rate would reach 13.9% compared with 6.5% last year.
The slump is largely due to Portugal's heavy reliance on its tourism sector, which acc...
Economists are expecting a downturn worse than during the 2008 global financial crisis from which the country had only recently recovered. The IMF forecast last week that the country's GDP would shrink 8% this year compared with a 2.2% growth in 2019 and the unemployment rate would reach 13.9% compared with 6.5% last year.
The slump is largely due to Portugal's heavy reliance on its tourism sector, which acc...
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