This year, Portugal could record a GDP growth of 2.4 percent, about twice the EU average (and Italy’s estimated growth). The unemployment rate should stabilize at 6.5 percent: less than a decade ago it was above 16. These data also help to understand how Lisbon has managed to bring home some 18,000 Portuguese who have fled abroad in recent years, especially young people.
They are referred to as “Troika migrants” because they left the country between 2011 and 2014 during the euro crisis and the financial intervention of the EU, ECB and International Monetary Fund in Portugal. By default, Portugal developed a program of blood and tears reform that resulted in a mass exodus of young and old. Some are embarking on the return journey, relying on the country’s new economic trajectory under the leadership of the socialist prime minister, Antonio Costa. And to “Regressar”, the brain drain return program launched by the government four years ago.
In reality, the program is designed for second-generation immigrants, i.e. those born abroad to Portuguese parents, who may be interested in rediscovering their origins by bringing their skills back to their home country. The vast majority (57%) of Regressar beneficiaries left Portugal between 2011 and 2015. Definitely Troika immigrants.
“Many of them are qualified young people who return when they decide to have children,” said Labor Minister Ana Mendes Godinho. Unemployment started at 15 percent, now below 7 percent.” and higher for those who decide to relocate to less populated interiors.The highest number of applications came from Switzerland, France and the United Kingdom, with around 40% of applicants holding university education qualifications.
“In a knowledge-based economy, countries and organizations need qualified people. That’s why there’s a fierce struggle in Europe to get these people,” said Miguel Fontes, Minister for Labor. Portugal and we cannot overcome it, we will only wait for the cycle to reverse.” One of the country’s limitations is represented by low wages: “We have several measures in this direction, starting with increasing wages for young people and the fight against precarious work,” Fontes adds.
Another problem is the high rents, especially in Lisbon. For an apartment of 80 square meters you can pay up to 1,200 euros per month, the minimum wage is around 760 euros. Protests against the housing crisis have become the biggest headache for Costa, who was also the mayor of Lisbon before he became prime minister. It’s a problem that threatens to frustrate efforts at wasting the brain.
Source: Today IT
Karen Clayton is a seasoned journalist and author at The Nation Update, with a focus on world news and current events. She has a background in international relations, which gives her a deep understanding of the political, economic and social factors that shape the global landscape. She writes about a wide range of topics, including conflicts, political upheavals, and economic trends, as well as humanitarian crisis and human rights issues.
