Portugal has now had two lost decades. Adjusting for inflation, GDP per capita grew 7% between 2000 and 2008. I mean it grew 7% over that whole period, not on a yearly basis. Then it fell during the crisis and only last year did it get back to 2008 levels, so that between 2000 and 2017, total growth was 7%…
The population who lived in Portugal through the last 10 years now get extactic over 2.2% year-on-year growth. After so many years of nothing, mediocre growth feels amazing. Still, if you cross the border into Spain it no longer feels “this is what Portugal will be in 2021”, it feels like a much wealthier, qualititatively different, better economy. Portugal could have been that, but, at least in my lifetime, it probably won’t be. This is a lost opportunity and it brings me sadness.
Maybe it’s not that I am a regional thinker, but a regional feeler. I have a visceral feel for what it means to “grow to the level of Greece and then stop there” that comes from lived experience.
In summary, this is why I recommend you read Stubborn Attachments.
That is from Luis Pedro Coelho, there is more of interest at the link.