in the united states the main contributor to economic growth is due to the growth in personal income.
in the united states the main contributor to economic growth is due to the growth in personal income.
in the united states the main contributor to economic growth is due to the growth in?
personal income
Na
Na
in order to understand the economic lag of portugal, it is worthwhile to note that — overall — the portuguese economy declined in the centuries following the end of the age of discoveries and neither the constitutional monarchy (1834–1910) nor the first republic (1910–26) were able to put the country in the path to industrializion and development. while antónio de oliveira salazar managed to discipline the portuguese public finances in the 1930s, the first three decades of the "estado novo" regime were also marked by a relative stagnation and underdevelopment. while western world enjoyed strong economic growth, portugal remained behind. as such, by 1960 the portuguese gdp per capita was only 38 percent of the ec-12 average, and portugal was one the most backward countries in europe. however, things started to change in the late "estado novo": starting in the early 1960s, portugal entered in a period of robust economic growth and structural modernization, owing to a liberalization of the economy and the rise of a new elite (which was developmentist, technocratic and pollitically liberal). as an expression of such economic opening, in 1960 portugal was one of the efta founding member states. such remarkable growth period allowed the portuguese gdp per capita to reach 56% of the ec-12 average by 1973. in the early 1970s, the government of marcelo caetano paved some foundations for a welfare state (which actually was only be built after the april 25, 1974 revolution), with reforms in health (gonçalves ferreira reform) and education ( reform). however, the new wealth acquired from the 1960–73 growth was unevenly distributed, and the 1960s were also marked by mass emigration. the april 25, 1974 revolution happened when this growth period was fading, owing to the 1973 oil crisis. however, the political turmoil following the april 25, 1974 coup (mainly from march to november 1975) definitively led to the end of such economic growth period. portugal lost suddenly and chaotically its african possessions and from may 1974 to the end of the 1970s, over a million portuguese citizens from portugal's african territories (mostly from portuguese angola and mozambique) left those territories and arrived at metropolitan portugal as destitute refugees – the "retornados". the first 10 years of the third republic, in the context of the transition to democracy, were years of economic troubles, during which portugal received two imf-monitored bailouts (from 1977 to 1979 and from 1983 to 1985). however, despite an overall crisis from 1973 to 1985, there were some years of very high economic growth, and reforms were enacted that allowed to improve standards of living and level of development, such as the construction of a true social security scheme, universal health coverage and the continuation of the process of increasing access to education. in 1985 portugal leaved the second imf bailout and in 1986 the country entered the european economic community (and left the efta). strong economic growth resumed. the growth of many of portugal's main exporting companies and the european union's structural and cohesion funds were leading forces in a new period of robust economic growth and socio-economic development which would last (though with a short crisis around 1992–94) to the early 2000s. in 1991, gdp per capita surpassed the 1973 level (relative to eec) and by 2000 it had achieved 70% of the eu-12 average, which nonetheless constituted an approach to the western european standards of living without precedents in the centuries before. however, the economy has been stagnant since the early 2000s (around the accession to euro) and was hit hard by the effects of the great recession: public debt (historically below or in average to that of europe and germany) shot up from 68% of gdp in 2007 to 126% in 2012, which was one of the factors that led to a 78-billion-euro imf/eu-monitored bailout from 2011 to 2014. economic growth seem to have resumed in mid-2010s.
history of portugal