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The warning is from the rating agency Moody’s, which signaled Portugal as one of the countries where there may be “greater economic destruction”, due to the prevalence of small and medium-sized companies (SMEs) in its economy.
“Economies like Greece, Portugal or Italy, where small companies account for a large part of GDP [Gross Domestic Product] and employment, will suffer greater economic destruction, given the lower ‘cushions’ of smaller, smaller companies financing alternatives and shorter horizons ”, can be read in a report released by Moody’s.
The document, entitled “World Sovereign Prospects [states]” for 2021, indicates that Moody’s forecast is “negative”, reflecting the agency’s expectations for the next 12 to 18 months.
