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2008 OECD Economic Surveys: Portugal 2008

image of OECD Economic Surveys: Portugal 2008

OECD's periodic review of the Portuguese economy. This 2008 edition focuses on several key challenges including securing fiscal consolidation, maximising the gains from integration into the world economy, and improving the functioning of the labour market.

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Securing fiscal consolidation

Portugal has made good progress in reducing the fiscal deficit in 2006 and 2007, with a wide-ranging consolidation programme, including shorter-term measures and structural reforms to address problems in spending control. In particular, the comprehensive reforms to the public administration and the pension schemes tackle some of the main underlying drivers of spending growth and are likely to continue paying dividends in the medium-term. The main fiscal challenge for Portugal is to secure the results achieved in fiscal consolidation and reduce the deficit further, in particular by: completing the implementation of the public administration reform; continuing the health care reform; improving the performance and efficiency of state-owned enterprises; taking further measures to ensure the sustainability of the contributory pension scheme if developments require it; and dealing with ageing pressures on the health budget. The progress achieved in fiscal consolidation and budget management provides a solid base on which further improvements should be made to strengthen the medium-term fiscal framework and enhance the efficiency and effectiveness of public finances.

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