The Economy of Portugal: A Never Ending Recovery?

In the lead up to the Eurozone Crisis, Portugal's Economy was an outlier. Whilst many economies went on an incredible run, the Portuguese Economy did not have such a good time. Not only underperforming the average eurozone growth rate, but unemployment actually rose from 3.8% to 7.5% between the millennium and 2008. Compare this against the likes of Greece, Spain and Italy, all of which had seen significant declines in unemployment.
Raising the question of why? Why had Portugal’s Economy stagnated in what were supposed to be the good times?
What was the impact of its long history as a colonial power? And to what extent did a 19th Century letter from Pope Leo the 13th influence its wider economic approach?
#Portugal #PortugalBailout #Economy #Lisbon
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[@AltSimplified]

Thanks for watching! ❤️ You can subscribe and see all our videos here 👍 kzbin.info

[@Kyle-ye4nj]

Why do you place random Dubai and America footage randomly in the video?

[@txicotedasgarinas9767]

I'm from Portugal, the actual government is a big joke

[@joaovenancio5796]

Finally someone talking the truth about the portuguese economy. I live in Portugal and I don't know what is happening. A ex- prime minister is now judge for corruption. A minister provides places in power. almost lost hope. Now, with the european bazooka (large amount of money given to the countries) we could develop industry and private sector. the government invested almost eveerything in its property. So, good job! Keep it up!

[@jazzyjazz9872]

@@joaovenancio5796 I met one portuguese teacher who told me that his ex-minister didn't pay tax for 30 gd yrs !!😅😂😂😂

[@joaovenancio5796]

@@jazzyjazz9872 I know, but he went yesterday to the court accused of around 188 crimes and he was declared inocent in all of them😂

[@utkarshg.bharti9714]

To all Portuguese friends out there, you have a beautiful country that I hope to visit some day. Much love and respect.

[@jaimecosta2966]

You will allways be welcome here wish you well and stay safe.. Abraço

[@andrebastos5635]

Thank you bro Portugal is a beautiful place hope you do visit us stay safe

[@emilaltanov7807]

I hope I visit it one day too I mean ignore the fact that I am born there and had to get out beacuse of this stupid situation

[@river7591]

Thanks dude!

[@Lordiboy14]

Thank you my friend, cheers!

[@navisoul]

Portugal hasn't changed. I moved abroad in 2008 (to London) and it is extremely bureaucratic to return and find a job. I have to read the laws in order to apply for a job, write a requirement to the hospital CEO in order to apply for a job and I am excluded from jobs because I currently dont work for the Portuguese health service (ofc, I am abroad!), meaning all my gained experience, cannot benefit my country. If I want to return, I have to start from the bottom...at the age of 40. Clap clap clap. Portugal problems are 3 fold: bad management, bad government and cultural acceptance of mediocrity.

[@jccgold]

Bad management, bad government, acceptance of mediocracy you mean, socialism

[@MadMachineReviews]

Yes, yes and sadly yes.

[@fao831]

Just like pretty much all countries in South America

[@TiagoSilva-pf4oj]

Right on, joao. I live in azores and here is even worse...mediocrity is desired openly by just about everyone.

[@jccgold]

@@TiagoSilva-pf4oj what island do you live on?

[@enzhus]

Portugal is such a beautiful country, I'm trying to study Portuguese now. Hope I can use it when I visit Portugal next time.

[@eustab.anas-mann9510]

The people are nice too.

[@a.m.1259]

Obrigada 😘

[@Davegold4536]

Visit the islands aswell 🇵🇹

[@melanieribeiro28]

Thank you so much and feel always welcome in our country😁🇵🇹

[@aisardi]

Good luck my friend, I'm portuguese and even I don't know how to speak sometimes

[@miguelcarrilho4744]

I´m portuguese and everything in this video is true, I think it´s really dificult for our economy to recover. We've got a very aged population and the government doesn´t care about the younger generations. 40% of the college graduates emigrate to other countries, even I as a college student am thinking about to do the same.

[@gabkoost]

Young people also do not care for Portugal. 70% of college graduates think about leaving the country.

[@sergioandre894]

@@gabkoost young people don´t care because the goverment does not care

[@gabkoost]

@@sergioandre894 Maybe a bit of both. The problem is that Portuguese education has EU levels but the economy doesn't. Government is giving youth proper education but youth doesn't want to even try to fight issues and sacrifice anything for the country. Saying "the government doesn't care" is not an argument. The government is shit in many things but you can't ask him to change the economy. Private sector, investors, innovators are the ones who can modify the fabric of employment and opportunities. Not the government. Now, since 1974 that Portugal hasn't a real plan for it's future and drifts alongside trends and world economical tides. What generation will decide to stay and change things? None. Because if GenX mostly stayed (the literate people as rural population had to leave with the collapse of traditional agriculture), Millenials started to look away. GenZ is a generation to erase from the board has all the competence will be out of here. Everyone is to blame. Government incompetence and corruption kept Portugal stuck in poor models of development. But young people always choosing to leave before even trying clearly will deliver the fatal blow to the nation.

[@kazuyaa9458]

@@gabkoost partially true, but several young people still wait for oportunities, while dealing with low level jobs (and i mean really low level jobs, like a law graduate serving tables or anything else barely above minimum wage ie), and in the end we get nothing. For years (even when i was in highschool back in 2012) we always listened to stories like "loads of old people will retire soon, plenty of jobs and oportunities will arrive!!", but nope, they dont. Its just a fairy tale to keep youngsters away from leaving, and no, Covid didnt change that. The irony is that the youngsters will have to work 3times more to support a lot of old people who retired much earlier than we ever will (our population is very old mostly as well) The imigration is much older than that too, GenX also has a lot of people abroad (namely nurses in the UK and France). And people dont emigrate right away, the second they graduate. Mostly they just get sick of having to deal with bad jobs while waiting for an entry job in their field. I dont blame corruption as much as my portuguese brothers, mostly just sheer incompetence, from the government and private entities.

[@gabkoost]

@@kazuyaa9458 There is an overall lack of planning and clear direction in Portugal. We have no idea what to do and where to focus our future. I hate to bring up the same name but the LAST politician who had A VISION was Salazar. I am not saying he was right or wrong but, at least, HE HAD A PLAN. He had a BELIEF that this was the way to ensure our future and success. Modern governments ARE corrupted morally besides being incompetent. When politics are all about making opposition and erasing every project and road paved by their predecessors, we are seeing political corruption at it's best. It's much more severe than what you might think. This sort of attitude renders democracies USELESS and a a waste of time. How can we use our few resources as it should if we don't know what will happen 4 years from now? That's why we see all this circus in election years. Politicians destroying money on mostly useless projects because their job is not to serve the country and the citizens but TO MAKE SURE their party wins and stays in power. These parties, mostly PS and PSD, are CORPORATIONS. And their job is to watch out for themselves and the companies that support them. That's all there is to it. This lack of project and vision of the future is noticeable in our higher education. We have 5 times more universities we should have and so many courses are redundant and useless. Universities appeared in every little miserable town as a DEVELOPMENT TOOL and not as an EDUCATIONAL TOOL. Meaning, everyone wanted to build apartment buildings and make money out of students. That's it. That's why so many BAD universities exist in small towns and that's why there is so many young people with useless degrees in a country where you can't find a plumber or an electrician. Again, this is PURE CORRUPTION. Sending thousands of kids to the slaughter house that as become higher education for the sake of economical growth is criminal. It also shows, again, that the country doesn't know what to do. They apply quick little fixes that, in time, will create gigantic chaos. You see this all around. Finally, the future for young people is not to wait along with bad jobs. Is to CREATE their own job. There must be a new wave oof consciousness that renders this kind of politics outdated. Waiting for an opportunity is wrong. There is no opportunity in such small country. You either have a job guaranteed because of your connections or else the odds of you finding a good job is virtually non existent. This is a time of new markets, of new industries and new ways to see money and trade it. Kids need to be ahead of the curve and change things because this government will NEVER adulterate a system that is made to keep them in power.

[@hugondmendes]

Portugal has all the natural blessings and resources... but sadly our historic leaders focused on small politics and never on boosting productivity... corruption also plays a big part on the current political and financial scene every year the people are faced with a new multimillion euro bailout of a private “foul managed” company... Portugal saviors will be tourism and an extremely qualified yet cheap working class... you can hire a top college engineer/architect/nurse for 800€... Multinational companies will increase production in Portugal taking advantage of this working force.

[@alexandersokolov7001]

Not sure world can treat Portugal as China in terms of cheap workforce due to lots of EU rules about workplace regulations (and human rights) and so on. So that engineer might cost 800 euros, but to the company he will cost much more than that.

[@fp9556]

Blaming leaders while excusing our population and culture won't get us anywhere. Our leaders reflect our people.

[@mobileandroid5299]

@@alexandersokolov7001 - Great point! Maybe use them as freelancers while the contracting company sits outside the EU

[@sandroribeiro7644]

@@fp9556 Well, in a country were at least 50% of the people just don't vote, I think what refects the Portuguese people is mistrust and being tired of all politicians, or just giving up.

[@pinheirokde]

@@fp9556 1000 times this, we have what we vote for. people that don't vote just demonstrate an extra level of laziness. Don't say it is not, it is, saying they are all the same is just laziness to actually listen, they are not all the same.

[@salsichalivre5401]

Reasons: Corruption, soccer, tourism-based economy.

[@Sergio_Gomes474]

The tourism-based economy but itself isn't a problem but can be a problem if you are not able to manage the resources efficiently. if you used the money that comes in through tourism wisely you can catapult other sectors. clearly that inst happening due to corruption as well as lack of intelligence by the political class. But tourism can be very beneficial

[@and15re1]

Mesmo

[@fallenstar171]

couldnt say better

[@pedroj3432]

o turismo nao e o problema mano. Os outros dois concordo

[@ExAnimoPortugal]

Replace corruption with Socialism (:

[@nukustudio6882]

I wish Portugal the best, a beautiful country, and great love towards children ❤️

[@pinheirokde]

thanks its not perfect (has many flaws) but has some pretty great things as well

[@Redeye1983]

@@pinheirokde stop receiving immigration.

[@pinheirokde]

@@Redeye1983 yeah we don't need any one to work and pay our social security, that sustains our old people's retirement... The economical ignorance of these people. is bafeling. With a more and more older population, you solution, stop those young imigrants in...

[@ruiferreira5698]

@@pinheirokde e que tal, dar condições aos portugueses para ter mais filhos? ;)

[@pinheirokde]

​@@ruiferreira5698 isso é mais tretas simplistas que agradam ouvidos, porque o Burkina Fasso que não da praticamente nenhumas condições tem muitíssimo mais filhos que a Suécia que ganha a quase todos em termos de condições. O problema é mais complicado que isso. Portugal quando o pessoal literalmente morria de fome tinha ninhadas de 10, a minha mãe tinha 10 irmão, teve 3 filhos e nenhum deles teve netos, dos que imigraram para a Suíça de todos os meu primos, apenas 2 tiveram um filho. (singular) O problema é muito mais complicado do que não dão condições. Aparentemente quanto maior o nível de desenvolvimento de um país menor é a taxa de fertilidade, A Singapura que é dos países mais desenvolvidos no mundo tem a mais baixa taxa de natalidade do mundo, a mais elevada é a do Niger seguido por Angola

[@MAchannel2024]

I sure hope it gets better. I live in the US and plan to spend a few months of each year in Portugal, so I will contribute to the economy: )

[@marktrinidad7650]

Don't contribute and spend money overseas. Do it only here in America.

[@pedrobotelho2265]

@@marktrinidad7650 ...why?

[@kev492001]

@@pedrobotelho2265 Uh because America is going through a major economic crisis right now caused by the government and media? We need to support ourselves first.

[@pedrobotelho2265]

@@kev492001 US and Portugal are both free countries, their people should do whatever the hell they want as long as they are inside the law without being judged by others.

[@kev492001]

@@pedrobotelho2265 No you should not just do whatever you want, without being judged, that is not how things work. We NEED to support ourselves first instead of sending money to other countries, who are not going to learn from their bad habits. I am all for helping others in their time of need, but do not do it at the cost of losing our statues of a world power.

[@LadyNikitaShark]

I'm Portuguese and in 2012, me and all of my friends were unemployed. Most of us did left the country. I returned only for family reasons. I love my country but its hard to live here.

[@ministryoftruth8499]

My story.

[@manuelalmeida111]

Para onde é que imigraste?

[@ttv_mxr_btw_sweatytryhard6824]

@@manuelalmeida111 eu não sei, mas tenho um pequeno palpite, Luxemburgo

[@santo3720]

Eu sai de Portugal em 2013 quase pela as mesmas razoes.

[@euricoleitao9329]

@@ttv_mxr_btw_sweatytryhard6824 uk...

[@Mariajose-ik1nn]

Corruption in this country is ever on the raise, leading to high rate of unemployment, even the employed are under paid

[@kimhyuwong2164]

Alot needs to be done to alleviate the poor living conditions in Portugal

[@scottbrown7256]

Bitcoin is the future, investing in it right now is the wisest thing to do now

[@kimhyuwong2164]

Please how can I get in touch with this Expert Mrs Rose, I've lost a lot on Forex, I need to recover

[@kimhyuwong2164]

civil servants are not been paid for months, this is the reason why everyone has to look for other streams of income, the government isn't reliable

[@mirasmith8637]

I use to trade by myself before, but I didn't make much profit, not until I came across some people online talking about Mrs Rose, an expert on forex trading and bitcoin mining she boosted my account within days of my investment

[@TDK054]

I am Portuguese and left the country because has too much corruption. It's a beautiful country ruled by people without principles. When they joined EU, all the money was spent on buying Ferraris and other stuff that doesn't contribute to the growth of the economy without being done any kind of control. Politicians in Portugal are selling our resources to their convinience instead of the nation. When I left on 2005, the PM when confronted by a journalist about unemployment, he said that if Portuguese can't find a job, they can go abroad. Plenty of job in Europe. I followed his advice and turned my back to Portugal. Only go back if there is a revolution. Only go there to visit family

[@MaSsiVeGaming1]

Exactly, well said. Perfect example of how many Portuguese people feel. People vote for those contemptuous politicians who have no vision for the country, no principles, no brain, just self interest. Then those of us who are willing to work for a better living are forced to go abroad. And abroad we often find what we didn't find at home. I suppose really the consecutive ruling classes in Portugal want a passive people who aren't bright enough and accept their mediocre living without having the ability to question why they live the way they do. Like you, I will also only ever return if this 40+ year establishment is overthrown.

[@vsingh8078]

That's sad because Portugal is beautiful. There is hughr revolution happening in India right now. The current PM is selling India of to private players. The agricultural sector is not having it and protesting by the millions. Its truely inspiring and all the power to them.

[@helioleal8152]

Foi o que fizeste melhor pedro

[@TDK054]

I will say more: people defending the Portuguese economy and the government or are stupid or corrupted like them.

[@TDK054]

@Nuno Diniz muito bem. Fascismo? Se feliz num pais que despreza os seus cidadoes. Eu fico por aqui porque me tratam melhor que o meu pais. Abre os olhos Nuno...

[@davidmonteiro1417]

Estou só aqui nos comentários a escrever algo em português para as pessoas estrangeiras pensarem que estou a escrever alguma coisa importante.

[@indi3_B]

NAO ACREDITO!😱

[@francisconunes1844]

Bora!

[@francisconunes1844]

Bora!

[@and15re1]

XD

[@PMFarrusco]

Fds, ganhas-te 🤣🤣

[@Antoniodias80]

As a Portuguese citizen who has moved back to Portugal after living in Canada for 20 years, I can honestly say, one of the problems in Portugal is the focus on public companies like TAP, CP (railroad) Government banks, etc, which have never been profitable and the citizens are constantly having to payout amounts of money just to keep them alive. I think Portugal should focus more on an open market economy and stop pursuing to maintain these poorly, unprofitable companies which are used as post career jobs by politicians for when they leave their governmental careers. CORRUPTION is the word...

[@zap3231]

The problem is, those public companies *are* profitable, but not directly. For example, you look at the numbers and think TAP is a leech on the economy, untill you realize how all our tourists are coming here. You look at CP and think it's useless, untill you realize who's riding in it and for what. As for the open market economy bit, that's what we're already doing, just that we need to do it slowly in order to not piss off basically everyone.

[@nueiart1077]

@@zap3231 I can't disagree with you! However, why do we keep bailing them out? Are we better off now that we have them than before when they weren't used by tourists? Weren't we better off without airbnbs taking over the rental market? I'm a 90's kid and I remember thinking I'd have an OK future if I just studied hard. Went to a dentistry college in 2008 and slowly saw dentistry jobs declining in offer and quality to the point most of my classmates do 300-400 euros per month on winter and summer months... We're talking about DENTISTS! It's putrid

[@NayibBukelePortugal]

SALAZAR was a humble and honest ruler, he was not a dictator, just a Dr Economist who was invited by the Generals to be head of the council of Minister to save the Bankrupt Portuguese Empire from the great economic crisis and misery that lived after the republican revolution that murdered the King Charles. he took poor, bankrupt Portugal, and left Portugal in 1974 with CARREGADO's coffers full of Gold, the 4 largest gold reserves in the world. Salazar gave everything to Portugal and received nothing, he had a modest life, died poor without heirs and left no inheritance. He was elected by popular vote the greatest Portuguese ever 40 years after his death. the Portuguese people are grateful for the exemplary work that this worthy and honest man performed at the top of the bankrupt and poor Portuguese empire, bringing health and education to the colonies on 3 continents, saving millions of human beings from total misery. an example of a Christian. God bless SALAZAR always.

[@MrAudrius928]

I remember that time when Lithuanians went to Portugal for better job.. Now Lithuania overtaken Portugal gdp per capita

[@Piairom]

Lithuanians know how socialism is bad, portuguese people are not there yet, but as time passes by more and more portuguese people are recognizing how socialism is the worst for every country on earth!

[@josemagalhaes1712]

@@Piairom my portuguese friend (I assume bc of the name xd) and how can we get rid of that disease? New polls show that it's increasing!! So I'm not that optimistic. Baltic countries should all be rode models for Portugal. They already are for one party but it will never be for the establishment

[@Piairom]

@@josemagalhaes1712 yeah im portuguese! Next elections Portugal will turn right and i hope with different and better politics for our economy to grow and be more competitive and productive and less dependency on tourism that is a bad strategy and this pandemic prove just that, we can't rely a large % of our GDP on tourism! Must be 40% technology/ innovation/energy, 30% industry/ superior quality, 20% services and 10% tourism!

[@migueldiogo8395]

@@Piairom thats what we dream of, but unfortunately the elected government is people who don't vote

[@PaLuC]

@@Piairom Iniciativa Liberal ou isto não anda para a frente

[@annagoldman1163]

Many investors/traders advice - that at the start of the bear market, you should sell and buy later on. My question - How do they know at the beginning of the correction - whether stocks would fall by 5%, 10%, 20%, 30% or more?

[@muyiwamg8841]

Stock market is the only place where people leave when there's massive discount sale happening.

[@alexmontrey5372]

Two most important parameter to analyse while investing in a bear Mark is - 1 The business you're planning to invest is Fundamentally Strong i.e., Having Competitive Advantage or not ! 2. Even after 10% 20% 30% down from ATH, is the *Valuation" correct or not.

[@casinosimsek2027]

To manage investment risk consider maintaining a broad diversification of your investments that reflects your personal risk tolerance, time horizon, and the nature of your financial goal. Remember, iversification is an approach to help manage investment risk. It does not eliminate the risk of loss if security prices decline Because investing can be complicated. Consider working with a Financial Advisor to help guide you on your wealth-building journey if you're just starting out.

[@eddiejohn8506]

@@casinosimsek2027 Your assertion that as we age we become more risk averse rings so much true to me. Can you recommend any fiduciary Financial Advisor?

[@casinosimsek2027]

@@eddiejohn8506 “Paul gustave schoffelen“does a good job. He is quite the genius in portfolio iversification. You can look him up on the internet as he is SEC regulated.

[@MiguelRegel]

It cheers me up to see a lot of people showing love for my country. Hope you all can enjoy it way more than we do sometimes.

[@NayibBukelePortugal]

❤SALAZAR was a humble and honest ruler, he was not a dictator, just a Dr Economist who was invited by the Generals to be head of the council of Minister to save the Bankrupt Portuguese Empire from the great economic crisis and misery that lived after the republican revolution that murdered the King Charles. he took poor, bankrupt Portugal, and left Portugal in 1974 with CARREGADO's coffers full of Gold, the 4 largest gold reserves in the world. Salazar gave everything to Portugal and received nothing, he had a modest life, died poor without heirs and left no inheritance. He was elected by popular vote the greatest Portuguese ever 40 years after his death. the Portuguese people are grateful for the exemplary work that this worthy and honest man performed at the top of the bankrupt and poor Portuguese empire, bringing health and education to the colonies on 3 continents, saving millions of human beings from total misery. an example of a Christian. God bless SALAZAR always.

[@jorgevaladas788]

Portugal would be better off without a government, our politicians spent more money in a failed airline company than in our National health system throughout the pandemic (1.4mM€ vs 900m€)

[@RodrigoroRex]

That failed airline as you call is the one that brings the tourists to portugal, and their the reason we are better off today than 10 years ago. Like it or not, we need TAP

[@jorgevaladas788]

@@RodrigoroRex I think whether or not TAP serves a purpose in our economy is not debatable but the amount was very disproportionate when comparing to the rescue packages way bigger airlines like Lufthansa got. Also, just 2020 alone this amount would be enough to pay every single employee of TAP 140.000€, if you ignore all other expenses. An upper middle class Portuguese person would take an entire lifetime to save something like this while living very frugally.

[@lameirao87]

@@RodrigoroRex is it? I'm pretty sure the majority of them arrives in low cost airlines like ryanair, at least the Europeans ones. Maybe we could use that money to invest in a way to get more low cost flights here, some sort of partnership, instead of investing it on company that in few years, will be asking for more money. Novo banco 2.0

[@bh8454]

Ryanair is 3times cheaper than TAP. Since last year I was months unemployed nd got nothing from estate, no helps, zero! It's crazy the money they have spend on that airline company, absurdo!

[@AlexNights]

@@RodrigoroRex simply not true. You can say that tap does a public service by doing connection flights with the old colonial countries, but that is it. The low cost companys are the ones that boomed the tourism industry in Portugal. And I would known since my work is connected to air transportation.

[@marklima74]

I’m a Portuguese English dual national who has lived and worked in both UK & Portugal. Whilst there is still plenty of corruption at local government level there is also an understandable reluctance within the general population to pay taxes. It’s chicken and egg. Increase minimum wage and quality of life and the people may forgo cash in hand exchanges, but years of abuse means the government must tangibly demonstrate willing first. I hope a sustainable outcome results soon as I long to move back. I love it there.

[@charlieward7606]

exactly this, people cant afford to live legally so keep stuff off the books, the government just hammers us with more and more costs, but the people cant be first to demostrate willing without going homeless, the government needs to steal a little less each year so people can get anywhere. and restrictions and regulations on everything, even some that has been ruled illegal by the EU destroy any growth in the economy

[@speedyks255]

Portuguese people had learned over the years that spending less money is good for us. Specially the older generations, if they can they won't spend a cent in anything. And I think it's mostly because we don't have that much income. You are right when you invoke the chicken or the egg stuff, but if we had more income we would pay our taxes without an issue. If we are already counting every cent to the end of the month, how can you expect us to be willing to pay more taxes? We have taxes everywhere, we have 15% (ish) more expensive fuel than Spain, you can buy gas (for stove and etc) 40% cheaper in Spain. We experienced a rise in house pricing over the last 7 years, with housing costing twice as much as then while the income remains the same. How do you want us to pay more taxes?

[@marklima74]

@@speedyks255 you have not correctly understood my post. I stated that people cannot pay their taxes if the government doesn’t do something to increase wages. I clearly said that the government must show willing first because it has abused the trust of the people.

[@speedyks255]

@@marklima74 yeah, sorry, in fact i did. one issue i think is with the minimum wage rising every year, but the taxes amount does not. And, more critical, my salary does not increase at the same rate as the minimum wage. If i don't earn more, i can't go to a restaurant, which can't afford to pay its employees. So, we have the Communist parties wanting everything for the lower class, while the young middle class, which studied to have a better life can't have it because we are paying taxes. I don't want to leave my country, but everyday i think more about it, living here is kinda useless if i can't make a decent living, that's not why I'm working my ass off every day.

[@alkaidess4482]

I wonder too why Portugal’s economy is still the way it is, even tough Portugal has a quite diversified economy and even safer than Spain in some aspects. I think are the politicians who haven’t done their job because Portugal should have been doing super well long ago... I’ll be hopefully a Portuguese political who will bring back Portuguese glory

[@panchovilla5940]

@Carl Stone that's true..

[@MaSsiVeGaming1]

There is one such guy, his name is André Ventura. The best Portuguese politician today.

[@pinheirokde]

@@MaSsiVeGaming1 right the guy that joined politics via the established parties? Got expelled from them and formed a populist zero plan party! a CONMAN.

[@MaSsiVeGaming1]

@@pinheirokde A supposed conman with new ideas, however unconventional, is still better than putting your hopes in a set of failed establishment parties that not only didn't better the country in the past 40 years, but arguably made it progressively worse comparative to before they came to existence.

[@misterand1234]

@@MaSsiVeGaming1 Where does André Ventura have new ideas? Só traz discurso populista e ódio. Olhar para o André Ventura a discursar hoje em dia é igual aos discursos do Hitler no inicio da sua vida politica.

[@josephrego2527]

Portugal is and will always be Europe's little gem. It is a beautiful country from north to south, east to west. It's people are intelligent, honest hard working and best of all kind. Portugal will soon be on the throes of an economic resurgence few have the capacity to imagine. God bless Portugal my ancestral homeland! Viva Portugal!

[@josephrego2527]

@@marioferreira7605 All it takes is a strong will Mario. I'm certain our proud ancestors didn't shrivel up and withdraw into themselves when faced with challenges. That's who we are and will always be. Time to stop the whining. ENOUGH!

[@cnasna43]

obrigado 🙏🏼

[@nbandpinportugal]

The attacks on Portugal's colonial past have already begun. It has been under way in the UK for several years now. They will throw racism at you like confetti. They will call you racist if you don't throw open your borders and let in millions of people with an alien culture who do not respect you and will only use you. Be warned. In the UK tens of thousands of illegal immigrants are living in tax payer funded hotels while British people and veterans live on the streets.

[@nbandpinportugal]

@@marioferreira7605 Racist and fascist - the accusations of idiots.

[@josephrego2527]

@@marioferreira7605 Sounds like you need to start your own business. All you need to do is take all that energy and turn it into something constructive. Griping and complaining about the state of the Portuguese economy while doing nothing about it is an exercise in futility. The least you can do is encourage your countrymen to become more pro-active. Nothing will change in Portugal if the people who remain in Portugal don't change. Your country is a democracy. Its leaders reflect the will of its citizens. Let me tell you something, I live in the U.S. Most people in our country care only about themselves. They will do anything and everything to cut their brothers down if it means an extra buck in their pockets. It there is a country where competition has been elevated as its highest value it is the U.S. Just as in Portugal sports, football, baseball, basketball etc., are the opium of the masses. It is where the worship of competition is brazenly manifested idolized and maintained. Glory belongs to the winners. The losers, oh well, they get the crumbs. Do we enjoy a higher standard of living...that is an unquestionable fact. That is achieved only at the expense of the rest of the world. What I'm telling you is that there is little difference between the U.S. and Portugal. Both countries share one thing in common with the rest of the world. Both countries have their one per centers. Just as every other country on the surface of this planet does. The problem with the earth is the paradigm it has created and worshipped since time immemorial. If not changed it can only lead to even more inequality and human suffering. I wish I could say I'm optimistic about the future. I can tell you that earth will change when the people in it change. That change can only come through the bold actions of individuals and the support of their followers.

[@libr123]

Obsolete bureaucracy, restrictive regulations for entrepreneurship, the fact that every political campaign is reliant on the promise of handouts and a generation of welfare freeloaders. Sadly, without a quick shift in both it's economic and social vision, the country will decay to a point where it will become just a cheap holiday location for English, French and German tourists

[@kitnascimento0]

The bureaucracy was created by napoleon when he invaded, not by the elite here, and hasn´t change much ever since. i remenber some guy explaining that on TV years ago around the time the iraq invasion was going on Since then every time i hear the politicians talk about "the reform of the state" i know that they are bullshitting.

[@slanwar]

Crap I though you were talking about the Democratic party :)

[@PedrocamaroSS]

plus the wage in portugal only let you survive, if you're alone you can almost not save any money, if if you manage to save some it's only a few euros, if you have a project you want to develop you won't be able to because the money is not there to start imo

[@pedrorequio5515]

@@kitnascimento0 Reform of the state requires 2 things, review careers of public workers(0% probability) and pension system(not 0% since like thanos it´s inevitable in the medium term). Bureaucracy is tough but from insight it´s not for the usual reasons, it´s actually quite modern but there is a lot of it and where standardization happened it´s good. Often marginal agencies are the worst with obscure forms, often this agencies are political hitmen´s but that´s beside the point. Very Chatholic country so the passion of Christ is the main economic policy, the policy of resurection, kill by any means and subsidize what matters afterwords.

[@nada-tt8gi]

Já somos, um destino pobre que existe para férias dos mais ricos, a realidade é que não iremos passar disso pelo menos durante a minha vida, e tenho 25 anos, moro de momento em Inglaterra, porque mesmo a trabalhar que nem escravo consigo salvar mais que em Portugal a morar com os meus pais... A realidade é que se as pessoas levassem a política como levam o futebol, o país não estaria um caco, e a realidade no final é só uma, cada um tem o país que merece, neste caso, os portugueses têm o país que quiseram,nao somos burros para não perceber e ver os males que estão inerentes no país...

[@JoaoHenrique-mb2tz]

You guys are amazing!! I can't believe you actually did a video that I recommended just 3 weeks ago, WOW! And a great one, with great insights and, of course, a lovely narrator xD Keep up the good work!

[@AltSimplified]

Haha you're most welcome 😊

[@ricardooliveira9578]

The decline of the GDP in 2020 was actually around 7.5 % not 10.

[@GoncaloCandeias7]

Mano, não deixa de ser deprimente estarmos "em crise" há 40 anos

[@ShayNoMore1]

@@GoncaloCandeias7 a 40 anos??? Tu tás na Disney né?

[@danmac0]

@@ShayNoMore1 Sim 40 anos, desde o 25 de abril (45 anos).

[@ShayNoMore1]

@@danmac0 n estamos a 40 anos em crise 😂

[@br3menPT]

@@ShayNoMore1 o discurso dos governos desde o 25 de abril é de crise, dificuldades, resgates financeiros ja foram 3.....Portugal teve uns anos de crescimento expressivo na 2ªmetade dos anos 80 e alguns anos da decada de 90..de resto tem sido um atraso de vida! Das taxas de crescimento mais baixas da europa. Foi ultrapassado por 7 países da europa alguns deles há 20 anos eram bem pobres comparados com Portugal e hoje já estão à nossa frente....Esses países não são governados à esquerda, não têm 20 anos de socialismo, nem têm um primeiro-ministro que anda na política desde os anos 80 e ja foi ministro de tudo mais presidente da camara de lisboa mais secretario de estado mais deputado...em suma não fazem nada!

[@kewnai4207]

I hope this channel gets the blessing of the KZbin algorithm soon.absolutely good content.. Next Japan please..

[@nycalien]

No way. KZbin algorithm only promote garbage crap that don't do any good to anyone.

[@priyansubhagabati8157]

Comment for the algorithm

[@renskyee0058]

Normalmente: PORTUGAL CARALHO Agora: caralho......Portugal

[@orbit9677]

nice one lmao

[@RB-os3tc]

LOL

[@k-dogg9086]

Eu prefera Portugal Bacalhao

[@vasconeves3794]

As an early 30s Portuguese living in Portugal, I must say that all the events described in the video somehow shaped my life and the live of all the Portuguese people I know of. I do feel some resentment towards the government once, all the corruption and their politics damage mostly my generation. Besides having a good education and good qualified people, for youngsters starting a career and try to progress is really hard! The political measures taken in the 2000s crisis created a big gap between the working class at that time and the future working classes to come, that would find much worse conditions than before. Due to all this, a big part of my friends are living abroad. The ones that stayed, just made the choice- life can be more than what the economy of your country implicates. In my opinion there is no better place in Europe to live. Beautiful country with ocean (with good quality waves) and a peaceful countryside, excellent food, you feel safe mostly everywhere, the people are moderate and friendly. You might struggle financially but you also get so much by just being here. you just need to be clever and work your way through.

[@nueiart1077]

Exactly my experience! I feel heart broken for all the people who have left for France, England and Switzerland and desperately wanna come back. It's very hard to make a living here with such high rents and horrible working conditions, you really have to think and work hard to get the right job and do the right investments or else you'll be living abroad or with your parents forever

[@NayibBukelePortugal]

❤SALAZAR was a humble and honest ruler, he was not a dictator, just a Dr Economist who was invited by the Generals to be head of the council of Minister to save the Bankrupt Portuguese Empire from the great economic crisis and misery that lived after the republican revolution that murdered the King Charles. he took poor, bankrupt Portugal, and left Portugal in 1974 with CARREGADO's coffers full of Gold, the 4 largest gold reserves in the world. Salazar gave everything to Portugal and received nothing, he had a modest life, died poor without heirs and left no inheritance. He was elected by popular vote the greatest Portuguese ever 40 years after his death. the Portuguese people are grateful for the exemplary work that this worthy and honest man performed at the top of the bankrupt and poor Portuguese empire, bringing health and education to the colonies on 3 continents, saving millions of human beings from total misery. an example of a Christian. God bless SALAZAR always.

[@k-dogg9086]

@@NayibBukelePortugal he's dead. Get over it. 🙄

[@danielnestorio]

I was going to ask you about Portugal! Great video! This channel will grow a lot! Keep the good work. Having business in the USA and setting one up here in Portugal in 2020 I have some real world experience and view! I’m optimistic about Portugal as I am about the USA

[@AltSimplified]

Flies under the radar when it comes to country economics! We couldn't let Spain video have all the fun now...

[@rc.3804]

Never thought my country would be featured on this channel. Overall good coverage.

[@AltSimplified]

Let us know if you have another country so we can surprise you twice!

[@rc.3804]

@@AltSimplified You have already surprised me twice by answering to my comment!

[@jewishwhitetiger]

England if you know anything on its economy.

[@jeanpaulfelix4095]

@@AltSimplified Ukraine.

[@nakerlantai295]

@@AltSimplified indonesia please. our economy is terrible now...

[@nunolp9067]

It is one of worst hit economies in the Eurozone (due to some heavy and ethernal public policies always favouring lobbies and public employees Unions), but is also one of the European countries that is changing more rapidly its economy towards a cloud based society and a start up nation » % wise, Portugal has one of the biggest creation of incredible start ups in the world. The biggest drag is the Public sector costs versus the GDP. Dramatic example: On average, ex-public employees earn 2,3x more in retirement than an ex-private sector employee.

[@marinogomes4246]

Portugal is a very corrupt country and without the funds from the EU portugal would sink...but the money funds go to wrong pockets and a lot of POVERTY

[@NayibBukelePortugal]

🎉SALAZAR was a humble and honest ruler, he was not a dictator, just a Dr Economist who was invited by the Generals to be head of the council of Minister to save the Bankrupt Portuguese Empire from the great economic crisis and misery that lived after the republican revolution that murdered the King Charles. he took poor, bankrupt Portugal, and left Portugal in 1974 with CARREGADO's coffers full of Gold, the 4 largest gold reserves in the world. Salazar gave everything to Portugal and received nothing, he had a modest life, died poor without heirs and left no inheritance. He was elected by popular vote the greatest Portuguese ever 40 years after his death. the Portuguese people are grateful for the exemplary work that this worthy and honest man performed at the top of the bankrupt and poor Portuguese empire, bringing health and education to the colonies on 3 continents, saving millions of human beings from total misery. an example of a Christian. God bless SALAZAR always.

[@KnowHistory]

Pleasantly surprised to see this video poping in my suggestions box!

[@haroonzia3392]

What ever people of Portugal are very calm and nice and it's a very peaceful and beautiful country with great weather and low cost of living. Love Portugal.

[@euricoleitao9329]

Dei um like, mas venha para cá trabalhar e tentar viver, e vai ter uma noção mais realista da coisa.

[@N40AX]

Been living here fr 3 year and had to work as a mule for a bonus just to have the perfect amount to have 1/3 of my wage to pay rent... sharing a flat with 2 other friends!!

[@dhsf5937]

It's not so low cost of living.

[@Bacon2602]

low cost of living, this is surely not portugal

[@christianlibertarian5488]

Portugal needs to decrease the size of its government drastically. When I was there in 2019, average tax rates were 60%. That destroys any progress in the economy.

[@maidon8297]

60%? The income tax can go up to 48% but thats just for the wealthy people, most of the population pay around 30-40% income tax

[@christianlibertarian5488]

@@maidon8297 You are ignoring VAT, and the tax that "employer pays." Employers never pay tax for employees. That is money they would have paid to the employee, but instead pay to government.

[@joaopolonia9428]

@@christianlibertarian5488 the tax that “the employer pays” is the 30%-48% tax which includes IRS (income tax for employees) and social security. Ofc for most products you also have to pay 23% VAT... still for Europe standards it’s not a lot (the problem is how that tax money is used...) since the government is obviously incompetent I agree we pay too much taxes

[@k-dogg9086]

@@maidon8297 we should NOT be paying ANY income tax. what we earn should be ours NOT theirs. they didn't work for it and it's THEFT!

[@TheFMMsantos]

I'm a Portuguese and I can tell you the economy in Portugal was never close to be good during my 30 years of life. There is a lot of problems in Portugal and the main one is the people's mentality. People are hard workers, constatly robbed by the excessive taxes that makes everyone poor but it seems most of people doesn't mind that and keep voting always in the same Socialism crap party which is involved in a lot of cases of curruption but nobody seems to care. Since most of population is poor (by that I mean they can only pay the rent, food and a a maybe cheap car and that's it. No money left... for a couple where both work full time. If you live alone be lucky you can pay the rent) they seem affraid to make a complete change when it comes to the Government. The people that aren't satisfied with their life also doesn't seem to care much, they just emigrate and forget about the country, then they come back in August every year on vacations. Fact is 1/3 of Portuguese citizens are emigrated, and 1/2 of Portguese citizens doesn't care to vote in almost every election... then I hear people complaining about their own lifes every day...People expect someone will change their lifes instead of trying to change it by themselfs and that reflects the voting act, they are always expecting the politics to change instead of changing politics. while this mentality preveils, Portugal's economy will never rise, there will always be a crysis as an excuse for How bad the country is performing, other European Countrys will keep rising it's economies at a faster rate than Portugal and Portuguese people will think that's fine. That really makes me sad and annoyed as a Portuguese citizen

[@gabrielfabrega2615]

É o liberal a chorar a dizer que a culpa é do xuxalismo

[@nagbraz]

Perfect answer. Totally right. Congrats

[@david3atista]

E ai de quem diga mal do PS, começam logo com sermões do 25 de abril e que não há nada melhor do que isto

[@a-fo7508]

Sendo assim, qual seria a coligação perfeita para acabar com os nossos problemas económicos?

[@TheFMMsantos]

@@a-fo7508 Não sou eu que te devo dizer em quem votar, deverás chegar a essa conclusão sozinho. O que te posso dizer é que os países europeus que (não tinham mas) aplicaram politicas mais liberais todos eles tiveram um crescimento enorme. Republica Checa é o caso mais recente, era um país quase de terceiro mundo ainda à poucos anos atrás e agora está melhor que Portugal. O caso que me lembro com maior impacto foi a Irlanda que à pouco mais de 10 anos foi à bancarrota e passando pouco mais de dois anos ja estavam com uma super economia com a aplicação de politicas economicas liberais extremas o que incentivou ao investimento das empresas de todo o Mundo na Irlanda. O que te posso dizer mais é a diferença de principios na maneira como o socialismo tenta recuperar a economia Vs Liberalismo: Socialimo em crise: Aumenta impostos para que o Governo recupere a economia. O Socialismo acredita sempre que o governo é que deve gerir as pessoas e seus bens para que toda a sociedade viva da mesma forma (acontece que temos vivido todos igualmente pobres) Liberalismo em crise: Diminui impostos para que as pessoas recuperem a economia. O Liberalismo acredita que as pessoas é que devem ter o poder de escolha. O Governo só deve atuar nos pontos essenciais da sociadade como proteção, saude, etc. Concluindo, eu votarei no Iniciativa Liberal, sem qualquer medo de o dizer já que é que que mais ideias Liberais trás e não extremista. Mas em geral os partidos de direita têm sempre mais primativas Liberais do que os de esquerda.

[@odisseiaetc3909]

Good video and info. Thanks for sharing. See you. Greetings from Algarve, Portugal / Brazil / Finland

[@BernasLL]

Excellent analysis! Love from Portugal.

[@pink1lipstic]

Portugal is by far my favorite country that I've ever visited, and I went there many times, planning to visit Madeira for the first time this summer, if the covid situation allows it. Also, the language is pure perfection, I've been learning it for some time now. Keep it up, Portugal, you have so much to offer!

[@luispereira8193]

You will love Madeira

[@NayibBukelePortugal]

🎉SALAZAR was a humble and honest ruler, he was not a dictator, just a Dr Economist who was invited by the Generals to be head of the council of Minister to save the Bankrupt Portuguese Empire from the great economic crisis and misery that lived after the republican revolution that murdered the King Charles. he took poor, bankrupt Portugal, and left Portugal in 1974 with CARREGADO's coffers full of Gold, the 4 largest gold reserves in the world. Salazar gave everything to Portugal and received nothing, he had a modest life, died poor without heirs and left no inheritance. He was elected by popular vote the greatest Portuguese ever 40 years after his death. the Portuguese people are grateful for the exemplary work that this worthy and honest man performed at the top of the bankrupt and poor Portuguese empire, bringing health and education to the colonies on 3 continents, saving millions of human beings from total misery. an example of a Christian. God bless SALAZAR always.

[@TheFrezrArts]

My country is doomed. My short term mission is to leave this place as soon as possible, theres no future for me here. Mediocrity wins in Portugal and it will continue to win.

[@zap3231]

You realize that's it's doomed *because* people leave, right?

[@TheFrezrArts]

@@zap3231 Yes, im aware. But when young people don't have any facilities and are shut down when trying to do something, doesn't really help. I don't see a future here. We will forever be a country running to make tourists happy while we continue to live on minimum wage and trying to survive.

[@zap3231]

@@TheFrezrArts "and are shut down when trying to do something" No we're not, what? The only reason you don't see a future here is because you don't want to work for it. You're part of the problem yourself: You won't work for a good future here, much like the rest of our nation.

[@JoaoCosta-ly1sw]

@@zap3231 If you make more money and get a better quality of life in another country, you don't stay behind for the sake of patriotism. If a country doesn't reward your hard work, you go to a country that does. Don't fight for anything that doesn't fight for itself, not even your country.

[@fbyi2940]

@Jesus Christ same said with US 😂

[@GeorgeP-uj8xc]

Great video, you explained the situation well. Hopefully that brain drain eases off a bit as more opportunity presents itself within the country. Cheers!

[@diogorodrigues747]

Good view! Congratulations!!! 👏🏻

[@brahmaistrash.indiaisatoil5292]

I am Algerian, I visited Portugal for the first time and I really enjoyed my week there. I noticed that the locals were friendly and spoke English. However, the cost of living was increasing and the locals were priced out due to wealthy people from western Europe moving there and jacking up prices for the locals.

[@vitorlopes2064]

You forgot to talk about the impact of curruption, it is insane!!!

[@donaldclifford5763]

Is there much by way of an underground economy?

[@sommeliermicheleorbolato9896]

Great video, awesome content!

[@sunu84]

Portugal, Portugal...! A beautiful warming people and good weather country,but with a terrible government. The young people go away and the Old people stay. I'm going away to. Don't wanna live in a country with a government that doesn't love his county, on the contrary!

[@josemagalhaes1712]

The government only pretends to love us and care about the poor people. We don't need pity. We need jobs and better wages. Government needs to get off the throats of small and medium businesses and stop giving us crutches after breaking our legs.

[@ruialves4965]

O problema è mesmo esse , governo ! Farto de Kostas , Galambas , Ferros , Mamadus 🤮 ! Com PPC , as coisas começaram a mudar o povo gosta mesmo è de RSI e populismo de esquerda que diz querer distribuir a riqueza por quem nada produz mas só distribui miséria por quem paga impostos ! Deixei a tugolandia para traz à 20 anos e foi a melhor decisão da minha vida . Os grandes navegadores e conquistadores , se voltassem , morriam de novo !

[@aske___4533]

@Gonçalo Coelho temos que ser nós os jovens a fazer, ficar pra lutar

[@euricoleitao9329]

@@ruialves4965 O problema parece-me estar mesmo na CRP, enquanto esta não for mudada, e digo mudada, não ligeiramente alterada, nada evoluí. Os mesmos de sempre costuram-se com as mesmas linhas. E quem se f. é o mesmo de sempre. Falta espírito de espanhol, porrada nas ruas até deixarem de mentir com todos os dentes.

[@euricoleitao9329]

@@aske___4533 Coragem jovem, tarefa difícil pela frente. Apoiado.

[@pf4106]

The GDP contraction is wrong, in fact, it was 7,6%

[@algarviomarafado4814]

Isso é treta, o Costa já te enganou

[@algarviomarafado4814]

@@pf4106 aprende a ver gráficos BURRO.

[@joaobessa424]

Será pedir muito que 2 tugas consigam discutir sem se ofenderem?

[@algarviomarafado4814]

@@pf4106 Fake data 😪

[@rafaelcosta3238]

If you trust the government...

[@spellobot]

aquele comentário que estavas à procura *PORTUGAL CARALHOOOOOOOOOOOOOOOOOOOOOO*

[@Noone-ii4kv]

A NOSSA ECONOMIA É UMA PORCARIA!!! WOOOHOOO!

[@spellobot]

@@Noone-ii4kv Alelelelelele

[@Vasco-di1yc]

Então imaginem Angola, a economia deles é 5 vezes mais pequena que a portuguesa

[@MrMiCruz]

e mais uma vez pelo os piores motivos.

[@dylreesYT]

Fantastic video as usual.

[@AltSimplified]

Always too kind!

[@clarksson674]

Love Portugal, spent a few happy weekends in Lisbon. A great city break , the local bifana is awesome and the Beatles tribute band in the Irish bar was awesome and a great night out cant wait to return

[@giselherreinke4137]

Love Portugal from Germany ❤🇪🇺🇪🇺

[@jmlmo35]

Und ich liebe Deutschland ! Ich lerne die sprache für mein Deutsch zu verbessern. Viele grüssen...

[@giselherreinke4137]

@@jmlmo35 das freut mich

[@TiagoSilva-pf4oj]

Exactely.. you love it because you dont live here...

[@giselherreinke4137]

@@TiagoSilva-pf4oj maybe but i like the people and i wish the best for you

[@__Mauro__]

I´m from Portugal, and i don´t believe the main problem with its economy is the bad public investment, but how many companies lack of innovation/integrating current (tried and tested) technologies I work as a Engineer in several companies and is shameful how some companies operate. The first thing is just how many companies have no current standards of inventory / production management and rely on "do it as it comes" with massive downtimes due to lack of production planning or as simple (and insanely stupid) lack of inventory control leading production shortfalls. The second is the lack of use of modern automated tools/machinery (talking about using robots inside a companies is like trying to implement a spaceship programs). The third is the focus on cheap labor without thinking on the overhaul cost. A company fires a good worker in exchange for a cheaper one, without thinking the cost of what it takes to teach the new worker and its cost of missing production while its learning. The last point is what angers the most watched many good "low skill" workers get fired to contract cheappers one just to waste larger amounts of money on production shortfalls . In a single example 1 "cheaper" worker lead to a loss (due to inexperience error) of about 5 years of salary for the entire companie (>140 people).

[@Alex-ll3ig]

Videos like this are best!

[@AltSimplified]

We're glad you think so Alex!

[@seanhammon6639]

Great videos.

[@AltSimplified]

Cheers Sean

[@danielsteinberg7416]

What a great work indeed :) All interested about Germany, Austria, as well as goobal (I'd rather go with thr British one) productivity puzzle solutions.

[@Niidea1986]

Portugal is a beautiful country

[@s2busy_]

STOPP THE CAPPP

[@thedefield]

great video

[@Jokkkkke]

I gotta say I love these country explainers (definitely much better than those of economics explained) but I have to say that I really miss your videos on economics concepts and other non-single country specific topics. Your videos on global reserve currencies and US debt are both fantastic for example! In that vain, I want to tell you that I’d love to see you guys tackle things like ‘degrowth’ or ‘the socialist calculation debate’ in future if you guys are interested

[@AltSimplified]

Thanks! We have a few concept explainers coming up 👍

[@Jokkkkke]

@@AltSimplified awesome! Looking forward to it 😃

[@br3ak3rc0de]

Many thanks for the awesome video!!! I just want to requet something to ALL OF YOU, feel free to come into Portugal but PLEASE don't buy houses permanently 🏘️ Imagine if in your country you're not able a house because people of other countries have more income in a month than you in a half year and with that the prices are defined for that people and not for you. Unfortunately it's the situation for Portuguese people now 😔 But please feel free to take some Vacations on Portugal 🇵🇹 and eat some Pastel de Nata 😊

[@willrichardson519]

Similarly in Kernou

[@sandienochs6132]

You desperately need to study economics.

[@tstcikhthys]

Great overview. Also, BTW, "impact" doesn't merely mean "an effect", but "a strong/marked influence that alters the course of something". In most cases, you want "effect".

[@AltSimplified]

Thanks tstcikhthys!

[@ashmalik5808]

To get rich in life , you need to spend less and invest more , you don’t expect to spend 90% , invest 10% and sit to make more wealth.

[@aminaatnasir5255]

So correct, you need to live well below your means.

[@azeezky2591]

You are right

[@euricoleitao9329]

Cool. Quando se ganha uma miséria, que nem para pagar as contas básicas chega, pensar em investir é mentira, só resta espaço para gerir amargura, por isso a camada produtiva abandona o país.

[@euricoleitao9329]

@@rmason5191 Alternetive with nice results, cryptos. Stocks will get worse.

[@euricoleitao9329]

@@graciesagar899 Real estate? I sugest being careful. A buble ready to blow. Pay chek sustains the buble.

[@jaimeandrealmeida]

being Portuguese I can confirm the facts here. we are a wonderful people in a beautiful country, with a very old history. the problem is not only the politicians, the lack of cohesion and responsibility in the country made this happen.

[@moinakbhattacharya878]

Spanish and Portuguese colonial history is not good at all, considered as the most brutal ones. Hope all of us here know about it

[@windrose5988]

@@moinakbhattacharya878 He said "old" not good. Colonialism was also an inevitability, if you have a big stick and the other guy doesn't you're gonna use it. Japan proved that colonialism wasn't just a "white" thing.

[@moinakbhattacharya878]

@@windrose5988 when as a nation one gets identified with pirates, ethnic cleansing, brutal colonialism, vandalism, loot then civilization takes a hit. Human civilization is not about using bigger sticks on others. We are not animals

[@windrose5988]

@@moinakbhattacharya878 We are animals and human civilization very much is about using the biggest stick on the other. No matter how conceited and poetic you try to get you won't change this fact. The only reason wars have stopped isn't because people are more moral, its because now the people in charge die alongside the people when the nukes fall.

[@moinakbhattacharya878]

@@windrose5988 nations at war for whatever reasons and colonialization are two very different things.

[@haronsolomon]

Your videos are very similar to Economics Explained 🙂

[@user-wg1yc6mr5q]

Actually these are much better)

[@ImBananas4]

In portugal people believe increasing the minimum wage is the answer. Needless to say no one talks about the rise of the cost of living getting worst and worst. Also the government keeps hiring people it doesn't need for jobs they can't be fired. The amount of freeloaders and corruption in government is also very high And be are basically becoming more and more of a tourism only country

[@--julian_]

Nice video

[@B1_66ER]

This was an interesting video. Could you do one about Estonia please?

[@AltSimplified]

Hoping to 👍

[@B1_66ER]

@@AltSimplified Nice one. (y)

[@jarrettrobinson6424]

Very informative, next up South Africa please 😀

[@ray_99]

Notification squad!

[@AltSimplified]

Notification squad!

[@JoaoPimentelFerreira]

Uma excelente análise histórico-económico dos últimos 70 anos

[@efcanalytics8358]

Great video. Do you have any insights on the impact of tax system changes primarily the NHR status? Tens of thousands of wealthy people moving in with big spending budgets and pushing property prices in some areas.

[@stevenpeng3]

I am not familiar with Portugal domestic affairs, but I wanna complain the work efficiency of the government. 10minutes job in China spend our 3 hours in Lisbon. The government clerk click the computer keyboard one finger by one finger , speechless

[@br3menPT]

China that country full of respect for human rights.....

[@flaviosilva2480]

Saudades do meu lindo Portugal....

[@ghassanjneinaty4421]

Cheers dear Portuguese. The whole world Loves your beautiful country. Love from Lebanon

[@SsickMusic]

I’m British Italian and I love Portugal. I’d love to be able to move there one day

[@marktill1197]

Portugal has one of the lowest average wages in the first world and at the same time has some of the highest priced electricity and motor fuels both of which attract tax at a rapacious rate, and all this from apparently socialist governments. It is a beautiful country governed by people that do not understand that high taxation rates reduce the overall tax take and stifle the economy.

[@mannysingh4715]

whats the tax rate and price of gas per gallon?

[@youxkio]

Great content. It should be complete if you had mentioned the bailouts to the private Portuguese banks that took much of the Portuguese GDP. That took a huge impact on the Portuguese government's accounting and balance of payments. Many (less educated) guesses claim that the government should have let the private banks die the same way as the Icelandish banks did.

[@mango4ttwo635]

They should have. Iceland showed the way. I suspect the political power of banks is why so few echoed the policies of Iceland. A bit of creative destruction allied to ditching austerity would have bailed out the really important economic actors in an economy: The people

[@youxkio]

@@mango4ttwo635 Yes but (un)fortunately the Portuguese banks didn't rise to the same level as the Icelandish ones, quite contrary. Most of the Portuguese bailout banks had open accounts and used their customers' money for investment illegally. Those banks also made fraudulent promises and contracts with their poor customers and buried their money in high-risk investments. Eventually, the bailout and reimbursement of its customers had to be fulfilled. Today, many are still waiting for the money they trusted many years ago. Stock owners will never see their money back again unless the Bank of Portugal (which has most of the bad banks' equities) decides to create a new bank or entity out of it and with the permission of the European Comission.

[@br3menPT]

beautiful country, nice and polite people, amazing and glorious history/past/cultural heritage but naive population and really bad politicians..Portugal is doomed the last 20years were a bloody nightmare....

[@user-mfrancisca1999]

Could you please add subtitles in Portuguese? I am not fluent in English and the video interests me because it is about my country Thank you

[@manwhosaysnii]

O problema de Portugal é que há muito mexilhão agarrado ao Barco.

[@SiqueiraMath]

Being Brazilian, who am I to judge the economic problems of another country, however, for being Brazilian, I feel sad for the situation that Portugal is in. We have the same blood, we are from the same family, and I wish the best for this great nation of Lusophony people.

[@weeellsan]

Much of Portugal was built with resources stolen from Brazil. I am not any proud of this heritage.

[@SiqueiraMath]

@@weeellsan And what's the use of embittering things from the past, of which no one in the current generation is to blame? Unfortunately that is how it happened, but there is nothing that can be done. In the same way that Brazilians of the current generation should not suffer reprisals for things that happened in the Paraguayan War. I believe that we must understand the mistakes of the past, so that they do not repeat themselves, but do not feel embarrassed by something that we had no participation in.

[@tiagoandrade6994]

@@weeellsan yes. And Brazil was all made by the Portuguese. I think that's pretty fair...

[@melanieribeiro28]

@@SiqueiraMath So well said my friend! God bless you and always feel welcome in Portugal 😁

[@jeonlyxoxo]

@@tiagoandrade6994 wrong, Brasil was already formed. There were many natives living in Brazil before the Portuguese arrived. Portugal explored Brazil and many other nations, and still performs much worst than other Europeans nations. It’s all about Bad management, that Brazil sadly inherited.

[@Andre-bi3gq]

Waiting for the new Portugal video 👀

[@AltSimplified]

👀

[@MrSavanish]

Can you make a video on Tunisia, your views are pretty interesting

[@MGBranco]

Yes this is very true! Now the pandemic....this is a disgrace! Ah my God....since the 80's that we are trying to catch up with all the other European countries...now we're in the back again! And with all this depth growing again it would be so difficult to recover again.....jezzz! But I will be here to rebuild it again and again and again.....I will not go abroad!

[@Mind2krui]

The brothers of my grandparents migrated to Brazil, Canada, UK because of crisis, my uncle's migrated to Germany, France, UK cause of crisis, my college friends and cousins migrated to UK, Netherlands, Belgium, Louxembourg, cause of crisis, we are in a crisis since always, and dont get me wrong Portugal is probably the best country to live, good food, weather, generally good ppl, very safe in terms of crime rate, but is very hard to make a living or start/restart a life, house rent is at it's peek and almost catching up with minimum wage, living alone with a 800, 900 salary is really hard, and most young ppl prefer to stay at parents, like my self. This way i have a really good quality life, i can afford a car, can go travel from time to time and take my family or sometimes friends to a restaurant. Even for couples it's rather hard. Things that 10/15 years ago were luxury are now mandatory towards having a proper life, like internet, a computer, mobile phone, this was very noticiable in this pandemic, because kids had to take classes from home, and many did not have the means to attend these. I am very proud to be born in Portugal, but I hate beeing portuguese.

[@soaron74]

same

[@aminebenaoun2704]

Can you please make a video about Tunisia's economical crisis ? since the revolution of 2011 there has been 7 governments who tried to rescue the economy but all of them failed.

[@ShubhamMishrabro]

Good video. Hey man do on Uzbekistan they're taking huge reforms for last 3 years

[@AltSimplified]

We'll start looking into it!

[@ShubhamMishrabro]

@@AltSimplified good

[@davidmorais1098]

Congratulations for an incredibly accurate and pricise analyses. Like all complex problems, the structual problem of the portuguese economy its due to a chain of events, not described by a simplistic explaination of 1 or 2 factors, much less by the "corrpution explanation" as I read here in almost all comments of (ignorant) fellow portuguese users. Corruption in Portugal is not even particulary high, at least according to any serious comparative study I have ever seen. Perhaps something that is missing from the video is the political context after WWII which, unlike almost all other European countries, prevents us from benefiting from foreign/US investments to promote industrialization and modernization (the regime rejected Marshall Plan funds, we benefit almost nothing from it). The longest European dictatorship of the 20th century has left us a terrible legacy, being the backward economy and a shocking level of illiterate population certainly the most serious of it. The country managed to solve the education problem over these decades, but it is definitely very difficult for the generation of qualified young people to remain in the country, wages are miserable ​​and the Portuguese economy continues to lack behind, surpassed by all other EU countries. I honestly don't see a sustainable path for a serious recovery in the near future, mainly due to the demographic factor that you well mentioned in the video. My country seems more foccused in being a good amusement park for foreign tourists, always waiting for their charity, than actually setting goals for the its future. This is a sad but realistic evidence. Keep your good work.

[@MultiVigarista]

Second Portuguese 🥈

[@87leafar]

Like your name profile 🤭

[@MoneyMacro]

It looks as if this video is much more data driven than the first ones. Well done!! There are a couple of small points though: At 4:56, you say that the graph highlights how poorly Portugal did compared to other EU countries. But, I do not think that the graph shows this. At 6:42, you say that reduced saving rates in Portugal are a consequence of rock bottom interest rates on bank deposits. I doubt that is true because this is also the case (even worse) in Germany, the Netherlands and Japan, whereas in these countries savings rates have only gone up. The reason is that saving in macroeconomic is not not necessarily people holding money in the bank. Instead it is a reflection of shifts in wealth between sectors. In this case from household sector to... likely government under the austerity policies, and before the crisis the rest of the Eurozone (reflecting the current account deficit).

[@pinheirokde]

It's a generic consequence of low interest rates and a well documented effect.. aka savings in countries such as the ones you describe would be even greater than the ones we have.

[@MoneyMacro]

@@pinheirokde I'm not sure I follow your logic. In the video they say low savings are an effect of low interest rates. I say rates are lower in Northern Europe and they have very high savings. You say its a generic consequence of low rates (referring to the logic of the video that low rates should lead to low savings I presume!?). But then you say the countries I describe should have higher savings... which is the opposite of that logic.

[@pinheirokde]

@@MoneyMacro no what I say is that in theory if interest rates were high the savings rates would be higher as well, those countries included. low interest rates promote spending/investment, cost of opportunity rises. AKA I could be making more money if I invested in --- insert favorite bubble here

[@MoneyMacro]

@@pinheirokde Okay I see what you are saying. But no, there is no clear connection between the two. Countries with high savings and low interest rates Netherlands, Germany, Japan. Countries with low saving rates and low interest rates UK and US. Countries with high interest rates and high savings rate: China, Vietnam. The reason that there is no relationship between these variables is that the savings rate has a confusing name. It means something else than you might think. It means wealth accumulation in corporate & household sector (vis à vis) government and foreign sector. Coincidentally, countries with high savings rates do have low saving rates in gov sector and / or foreign sector (meaning they export a lot). This is a cool (yet technical) paper on the subject: www.bis.org/publ/work346.pdf

[@pinheirokde]

@@MoneyMacro right but the video is talking about traditional savings aka money/cash in the bank. And for that it is an accepted fact that low interest = low savings. How come is this important? Because its has an impact on the vulnerability a state has over its own debt, = higher risk = higher interest rates on new debt. nothing new under the sun here with a multitude of well accepted economic theory around it. Anedotical example, me I dont save money in a savings account, all math accounted I would actually lose money, real money if I did so, I'm not a speculative investor type so traditional saving would be appealing to me, but its so nonsensical currently as an investment that I simply went for a (the most secure I could find) PPR, (its a retirement insurance thingy, but still speculative in nature) If some one as conservative with money as I ham does that then, joe consumer will do it 2...

[@tuganerf]

Do a video on lithuania. I read somewhere that it was booming before the pandemic

[@mateorios1636]

🎶the never ending recoveeeery, aaaaaaaaaah🎶

[@user-sf5iq2fl1l]

"Portugal sempre esteve em crise desde que me lembre"

[@karkovlara9201]

Every time it's a "skinny cows time", never growing into the the "fat cows time". Lol

[@marcosoares1062]

you forgot to mention the cases of great corruption in Politics. As a portuguese it saddens me so much the fact we have such a great country, riddled by corruption and deficient economics

[@dahliaoko1275]

Love Portugal ❤️❤️❤️❤️

[@luisfernandes6495]

Not clear to me what were the structural reforms and how did they lead to economic and export growth. As far as I know, there were only budget cuts and tax increases. Could anyone make it clearer for me? Thanks!

[@rafaelcosta3238]

Two things that help understand why Portugal is always in an economic crisis: -Unlike everywhere else in Europe, where Social Democratic parties are considered centre-left, in Portugal social democracy is considered right wing. The people are that socialist. -When countries like Austria and the Netherlands, during EU budget talks, don't want to pay more, they are called frugal by the Portuguese media and politicians. The word frugal is used as an insult. It is a nice place to visit, not so nice to live.

[@rui77fon]

It's also a nice place to live if you are not poor. Being an employee of a portuguese employer is the worst thing that can happen to anyone. If that's not your case, living in Portugal is amazing.

[@alves5466]

In Portugal social democracy is considered right wing ? WTF

[@rafaelcosta3238]

@@alves5466 In Portugal the social democratic party is considered right wing, yes.

[@zap3231]

@@rafaelcosta3238 The Social Democratic party isn't actually social-democratic though. The name is wrong. The Socialist party isn't Socialist either, it's Social-Democratic.

[@rafaelcosta3238]

@@zap3231 They are in favour of "free" healthcare, "free" education, and social security. They look socialist to me.

[@pedrooliveira6424]

É um pais bom para a reforma.

[@jaimecosta2966]

I lived in UK for over twenty years I decided to leave UK twenty five years ago and start a new profession in here in Portugal I have sean some big diferrencevon the economy but I have no regrets in living hear... transport helfcare education and dayly food supplies are all reasonably priced.. Job wise I have managed well one neads to be very careful because it's easy getting small credits.. the problem is them paying them if one fails big trouble.. If one is organized and in control of pending one can have a fantastic life in Portugal.. Personally i have no regrets.. Wish everyone well and stay safe

[@payitforward3928]

Please, make a video about Bulgaria 😊

[@AltSimplified]

All countries are on the list! 👍📃

[@MagicalBirb]

As a portuguese my self, i can't wait to get enough money to go work somewhere else, if i even can get money to do that

[@danieljustino6974]

Portugal has great resources and talented people, but it does an ineffective use of its resources in the name of a few corrupt people that benefit from it. Politicians are deeply intertwined with big private corporations, able to control national policy. This decoupling is necessary for Portugal to prosper.

[@N40AX]

I came from spain to work for a USian company and feel like im living far better than I would in Spain I'm about to make 3 years here. Food is cheap, work is OKish for foreign polyglot speaker jobs, only bad thing is price of house rental vs wages. Its savage as hell

[@calexico66]

The industrial conditioning state regulations of the 1930's to 1974 were actually demanded by most industrialists at the end of the first republic. Even if at times they tried to weasel out of them when it didn't suit them. Portugal had a recurring history of sectorial booms and busts at the time of the liberal monarchy up until the first republic. Over competition would wipe out most businesses and reduce available capital. South Korea did have similar controls during it's industrial development, it's one of the reasons LG is in consumer electronics instead of textiles.