Lusa - Business News - Portugal: Public support must be 'absolutely extraordinary' - Horta Osório

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Lusa - Business News - Portugal: Public support must be 'absolutely extraordinary' - Horta Osório

Lisbon, Nov.20,2020(Lusa)-The CEO of Lloyds Bank, António Horta Osório, on Friday said that public support for businesses and families to respond to the Covid-19 pandemic must be "absolutely extraordinary".

"It is important that the right support to the economy and the next support are as extraordinary as possible, one-off support" which will not be repeated in the following years, said the economist at the Money Conference, organised by Dinheiro Vivo and TSF.

"There must be an extraordinary response to the extraordinary effect of Covid," said Horta Osório, considering that the government must continue with public support, even if this means an increase in the deficit and public debt.

Such support should be short-term, he said, adding that with time and in the long term, the government should be concerned with correcting public accounts and returning to the downward path of its debt.

Horta Osório also said it was necessary to create wealth: "We can share the cake in any way we like, but the first objective should be to increase the size of the cake."

The only way to do this, he said, is to have policies that increase the general wealth of the country, so that this can be translated into higher wages for everyone and that the distribution of this wealth is done in a fair and balanced way.

Portugal must also counter "urgently" the huge problem of ageing, he said.

"The Portuguese age pyramid has gone from a pyramid (what it should be) to a block, a vertical rectangle," he added.

This will mean that the ratio of dependents will increase, in the Portuguese case, to more than one dependant for each worker, with an impact on Social Security.

On the other hand, the ageing of the population will mean that much more medical support will be needed, with an inevitable impact on the country's health system, he added.

ICO/IMYN // ADB.

Lusa

Agency : LUSA
Date : 2020-11-21 11:07:00

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