The recovery of global growth is strongly conditioned by the public policies adopted by governments of
the main developed economies.
The greatest risk factor lies in uncertainty about evolution of the euro-zone and its impact on the
Portuguese economy: will the austerity policies and spending cutbacks continue, with the sole aim of
budget consolidation and balancing external accounts, or will we witness the introduction of balanced
policies to stimulate the economy, enabling jobs to be created and relaunching economic activity,
without neglecting the need to lower deficits and indebtedness?
FINaL NotE
ANNUAL REPORT AND CONSOLIDATED ACCOUNTS 2012
21
