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1 Economy
Portugal's economy, under the influence of the European Economic Community (EEC), and later with the assistance of the European Union (EU), grew rapidly in 1985-86; through 1992, the average annual growth was 4-5 percent. While such growth rates did not last into the late 1990s, portions of Portugal's society achieved unprecedented prosperity, although poverty remained entrenched. It is important, however, to place this current growth, which includes some not altogether desirable developments, in historical perspective. On at least three occasions in this century, Portugal's economy has experienced severe dislocation and instability: during the turbulent First Republic (1911-25); during the Estado Novo, when the world Depression came into play (1930-39); and during the aftermath of the Revolution of 25 April, 1974. At other periods, and even during the Estado Novo, there were eras of relatively steady growth and development, despite the fact that Portugal's weak economy lagged behind industrialized Western Europe's economies, perhaps more than Prime Minister Antônio de Oliveira Salazar wished to admit to the public or to foreigners.For a number of reasons, Portugal's backward economy underwent considerable growth and development following the beginning of the colonial wars in Africa in early 1961. Recent research findings suggest that, contrary to the "stagnation thesis" that states that the Estado Novo economy during the last 14 years of its existence experienced little or no growth, there were important changes, policy shifts, structural evolution, and impressive growth rates. In fact, the average annual gross domestic product (GDP) growth rate (1961-74) was about 7 percent. The war in Africa was one significant factor in the post-1961 economic changes. The new costs of finance and spending on the military and police actions in the African and Asian empires in 1961 and thereafter forced changes in economic policy.Starting in 1963-64, the relatively closed economy was opened up to foreign investment, and Lisbon began to use deficit financing and more borrowing at home and abroad. Increased foreign investment, residence, and technical and military assistance also had effects on economic growth and development. Salazar's government moved toward greater trade and integration with various international bodies by signing agreements with the European Free Trade Association and several international finance groups. New multinational corporations began to operate in the country, along with foreign-based banks. Meanwhile, foreign tourism increased massively from the early 1960s on, and the tourism industry experienced unprecedented expansion. By 1973-74, Portugal received more than 8 million tourists annually for the first time.Under Prime Minister Marcello Caetano, other important economic changes occurred. High annual economic growth rates continued until the world energy crisis inflation and a recession hit Portugal in 1973. Caetano's system, through new development plans, modernized aspects of the agricultural, industrial, and service sectors and linked reform in education with plans for social change. It also introduced cadres of forward-looking technocrats at various levels. The general motto of Caetano's version of the Estado Novo was "Evolution with Continuity," but he was unable to solve the key problems, which were more political and social than economic. As the boom period went "bust" in 1973-74, and growth slowed greatly, it became clear that Caetano and his governing circle had no way out of the African wars and could find no easy compromise solution to the need to democratize Portugal's restive society. The economic background of the Revolution of 25 April 1974 was a severe energy shortage caused by the world energy crisis and Arab oil boycott, as well as high general inflation, increasing debts from the African wars, and a weakening currency. While the regime prescribed greater Portuguese investment in Africa, in fact Portuguese businesses were increasingly investing outside of the escudo area in Western Europe and the United States.During the two years of political and social turmoil following the Revolution of 25 April 1974, the economy weakened. Production, income, reserves, and annual growth fell drastically during 1974-76. Amidst labor-management conflict, there was a burst of strikes, and income and productivity plummeted. Ironically, one factor that cushioned the economic impact of the revolution was the significant gold reserve supply that the Estado Novo had accumulated, principally during Salazar's years. Another factor was emigration from Portugal and the former colonies in Africa, which to a degree reduced pressures for employment. The sudden infusion of more than 600,000 refugees from Africa did increase the unemployment rate, which in 1975 was 10-15 percent. But, by 1990, the unemployment rate was down to about 5-6 percent.After 1985, Portugal's economy experienced high growth rates again, which averaged 4-5 percent through 1992. Substantial economic assistance from the EEC and individual countries such as the United States, as well as the political stability and administrative continuity that derived from majority Social Democratic Party (PSD) governments starting in mid-1987, supported new growth and development in the EEC's second poorest country. With rapid infrastruc-tural change and some unregulated development, Portugal's leaders harbored a justifiable concern that a fragile environment and ecology were under new, unacceptable pressures. Among other improvements in the standard of living since 1974 was an increase in per capita income. By 1991, the average minimum monthly wage was about 40,000 escudos, and per capita income was about $5,000 per annum. By the end of the 20th century, despite continuing poverty at several levels in Portugal, Portugal's economy had made significant progress. In the space of 15 years, Portugal had halved the large gap in living standards between itself and the remainder of the EU. For example, when Portugal joined the EU in 1986, its GDP, in terms of purchasing power-parity, was only 53 percent of the EU average. By 2000, Portugal's GDP had reached 75 percent of the EU average, a considerable achievement. Whether Portugal could narrow this gap even further in a reasonable amount of time remained a sensitive question in Lisbon. Besides structural poverty and the fact that, in 2006, the EU largesse in structural funds (loans and grants) virtually ceased, a major challenge for Portugal's economy will be to reduce the size of the public sector (about 50 percent of GDP is in the central government) to increase productivity, attract outside investment, and diversify the economy. For Portugal's economic planners, the 21st century promises to be challenging. -
2 Policy Economy Social Technology Environment Legislation
American: PESTELУниверсальный русско-английский словарь > Policy Economy Social Technology Environment Legislation
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3 Foreign policy
The guiding principle of Portuguese foreign policy since the founding of the monarchy in the 12th century has been the maintenance of Portugal's status first as an independent kingdom and, later, as a sovereign nation-state. For the first 800 years of its existence, Portuguese foreign policy and diplomacy sought to maintain the independence of the Portuguese monarchy, especially in relationship to the larger and more powerful Spanish monarchy. During this period, the Anglo- Portuguese Alliance, which began with a treaty of commerce and friendship signed between the kings of Portugal and England in 1386 (the Treaty of Windsor) and continued with the Methuen Treaty in 1703, sought to use England ( Great Britain after 1707) as a counterweight to its landward neighbor, Spain.As three invasions of Portugal by Napoleon's armies during the first decade of the 19th century proved, however, Spain was not the only threat to Portugal's independence and security. Portugal's ally, Britain, provided a counterweight also to a threatening France on more than one occasion between 1790 and 1830. During the 19th century, Portugal's foreign policy became largely subordinate to that of her oldest ally, Britain, and standard Portuguese histories describe Portugal's situation as that of a "protectorate" of Britain. In two key aspects during this time of international weakness and internal turmoil, Portugal's foreign policy was under great pressure from her ally, world power Britain: responses to European conflicts and to the situation of Portugal's scattered, largely impoverished overseas empire. Portugal's efforts to retain massive, resource-rich Brazil in her empire failed by 1822, when Brazil declared its independence. Britain's policy of favoring greater trade and commerce opportunities in an autonomous Brazil was at odds with Portugal's desperate efforts to hold Brazil.Following the loss of Brazil and a renewed interest in empire in tropical Africa, Portugal sought to regain a more independent initiative in her foreign policy and, especially after 1875, overseas imperial questions dominated foreign policy concerns. From this juncture, through the first Republic (1910-26) and during the Estado Novo, a primary purpose of Portuguese foreign policy was to maintain Portuguese India, Macau, and its colonies in Africa: Angola, Mozambique, and Guinea- Bissau. Under the direction of the dictator, Antônio de Oliveira Salazar, further efforts were made to reclaim a measure of independence of foreign policy, despite the tradition of British dominance. Salazar recognized the importance of an Atlantic orientation of the country's foreign policy. As Herbert Pell, U.S. Ambassador to Portugal (1937-41), observed in a June 1939 report to the U.S. Department of State, Portugal's leaders understood that Portugal must side with "that nation which dominates the Atlantic."During the 1930s, greater efforts were made in Lisbon in economic, financial, and foreign policy initiatives to assert a greater measure of flexibility in her dependence on ally Britain. German economic interests made inroads in an economy whose infrastructure in transportation, communication, and commerce had long been dominated by British commerce and investors. Portugal's foreign policy during World War II was challenged as both Allied and Axis powers tested the viability of Portugal's official policy of neutrality, qualified by a customary bow to the Anglo-Portuguese Alliance. Antônio de Oliveira Salazar, who served as minister of foreign affairs, as well as prime minister, during 1936-45, sought to sell his version of neutrality to both sides in the war and to do so in a way that would benefit Portugal's still weak economy and finance. Portugal's status as a neutral was keenly tested in several cases, including Portugal's agreeing to lease military bases to Britain and the United States in the Azores Islands and in the wolfram (tungsten ore) question. Portugal's foreign policy experienced severe pressures from the Allies in both cases, and Salazar made it clear to his British and American counterparts that Portugal sought to claim the right to make independent choices in policy, despite Portugal's military and economic weakness. In tense diplomatic negotiations with the Allies over Portugal's wolfram exports to Germany as of 1944, Salazar grew disheartened and briefly considered resigning over the wolfram question. Foreign policy pressure on this question diminished quickly on 6 June 1944, as Salazar decreed that wolfram mining, sales, and exports to both sides would cease for the remainder of the war. After the United States joined the Allies in the war and pursued an Atlantic strategy, Portugal discovered that her relationship with the dominant ally in the emerging United Nations was changing and that the U.S. would replace Britain as the key Atlantic ally during succeeding decades. Beginning in 1943-44, and continuing to 1949, when Portugal became, with the United States, a founding member of North Atlantic Treaty Organization (NATO), Luso-American relations assumed center stage in her foreign policy.During the Cold War, Portuguese foreign policy was aligned with that of the United States and its allies in Western Europe. After the Revolution of 25 April 1974, the focus of Portuguese foreign policy shifted away from defending and maintaining the African colonies toward integration with Europe. Since Portugal became a member of the European Economic Community in 1986, and this evolved into the European Union (EU), all Portuguese governments have sought to align Portugal's foreign policy with that of the EU in general and to be more independent of the United States. Since 1986, Portugal's bilateral commercial and diplomatic relations with Britain, France, and Spain have strengthened, especially those with Spain, which are more open and mutually beneficial than at any other time in history.Within the EU, Portugal has sought to play a role in the promotion of democracy and human rights, while maintaining its security ties to NATO. Currently, a Portuguese politician, José Manuel Durão Barroso, is president of the Commission of the EU, and Portugal has held the six-month rotating presidency of the EU three times, in 1992, 2000, and 2007. -
4 deflationary fiscal policy
Econa government policy that raises taxes and reduces public expenditure in order to reduce the level of aggregate demand in the economyThe ultimate business dictionary > deflationary fiscal policy
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5 monetary policy
Econ, Fingovernment economic policy concerning a country’s rate of interest, its exchange rate, and the amount of money in the economy -
6 режим экономии
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7 режим экономии
1. retrenchment2. policy of economy -
8 режим экономии
1) General subject: retrenchment, austerities2) Military: austerity measures, austerity policy3) Economy: economy regime4) Automobile industry: economy drive5) Business: economic austerity, policy of economy -
9 политика невмешательства
1) General subject: (государственного) laissez-faire policy (в экономику), let-alone principle, non-interference, policy of non-interference, ‘hands off’ approach2) Military: hands-off policy3) Economy: benign neglect (напр. в формирование платёжного баланса), hands-off approach to policy (англ. термин взят из статьи в Wall Street Journal; контекстуальный перевод)4) Diplomatic term: handpicked policy, (государственного) hands-off policy (в экономику), lessen policy, non-intervention policy5) Politics: hands-off approach (англ. термин взят из репортажа агентства Bloomberg; контекстуальный перевод)6) Makarov: abstentionist policy, laissez faire policy, laissez-faire policy (в экономику), let-alone policy, the hands-off policyУниверсальный русско-английский словарь > политика невмешательства
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10 выжидательная политика
1) General subject: expectant policy, temporizing policy, wail-and-see policy, wait-and-see policy, do-nothing policy2) Economy: policy of temporization3) Diplomatic term: wait policy4) Advertising: waiting game5) Makarov: Fabian policy, go-slow, go-slow policyУниверсальный русско-английский словарь > выжидательная политика
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11 кадровая политика
1) General subject: policy of HR allocation and promotion, policy of manpower allocation and promotion, personnel policy, staffing policy, cadre policy2) Economy: recruitment policy3) Advertising: personnel practices4) Business: manpower policy, staff policy, HR Policy5) EBRD: human resources management, personnel policies6) HR. workforce policies -
12 валютная политика
1) Law: currency policy3) Banking: exchange policy, monetary policy4) Business: monetarist policies, monetarist policy -
13 жёсткая политика
1) General subject: get-tough policy2) Economy: tough policy3) Advertising: stiff policy4) Mass media: hard-line policy, tight-fisted policy5) Makarov: rock-ribbed policy -
14 недальновидная политика
1) General subject: small-minded conduct, foolish policy2) Economy: myopic policy3) Diplomatic term: shortfall policy4) Advertising: purblind policy, shallow policy, short-sighted policyУниверсальный русско-английский словарь > недальновидная политика
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15 полис морского страхования
1) Law: underwriter's policy2) Trade: marine insurance policy3) Economy: policy of sea insurance4) Insurance: marine cargo policy5) Business: marine police, marine policy, policy of marine insuranceУниверсальный русско-английский словарь > полис морского страхования
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16 полис страхования жизни
2) Law: assurance policy3) Economy: life insurance policy4) Insurance: life policy5) Business: life assurance policyУниверсальный русско-английский словарь > полис страхования жизни
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17 политика открытых дверей
1) General subject: open door policy2) Economy: open door policy ("равных возможностей" капиталовложений в определённых странах), the open door3) Diplomatic term: open policy4) Mass media: front-door policy5) Business: open-door policyУниверсальный русско-английский словарь > политика открытых дверей
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18 политика сдерживания
1) General subject: containment (агрессора, экспансии), containment (агрессора, экспансии и т.п.)2) Military: deterrence policy3) Law: containment policy4) Economy: policy of containment5) Diplomatic term: containment (агрессора и т.п.), policy of deterrence (путём устрашения)6) Business: restrictive policy7) Foreign Ministry: deterrenceУниверсальный русско-английский словарь > политика сдерживания
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19 разовый полис
1) Law: simple policy2) Economy: named policy3) Insurance: individual policy, single policy4) EBRD: named policy (страх.) -
20 Sparmarke
Sparmarke
money-saving (thrift) stamp, (Sparkasse) savings stamp (Br.);
• Sparmaßnahmen measures of economy, saving (economy, economizing, austerity) measures, economies, belt-tightening (coll.), (öffentliche) austerities;
• durch harte Sparmaßnahmen by dint of much saving;
• eingeleitete Sparmaßnahmen austerity moves;
• Sparmenge volume of saving;
• Sparmethode saving method;
• Sparmittel savings deposits;
• Sparmodell economy model;
• Sparmöglichkeiten means of (opportunity for) saving, savings facilities, way of saving;
• erhebliche Sparmöglichkeiten gewähren to provide a substantial margin for saving;
• [durchschnittliche] Sparneigung [average] propensity to save;
• Sparpaket economy pack;
• Sparpfennig nest-egg, money put by for a rainy day;
• Sparpfennig zurückhalten to put by for a rainy day;
• Sparplan thrift plan;
• vertraglicher Sparplan contractual saving (Br.);
• Sparpolitik policy of economy;
• ausgekochte Sparpolitik nuts-and-bolts economics;
• Sparpotenzial savings capacity (potential);
• Sparprämie savings premium, premium savings bond, (Lebensversicherung) initial reserve.
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