Thursday, April 15, 2021

Biden package generates 483 million opportunities for Portuguese exporters – ZAP

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The President of the United States, Joe Biden

The new stimulus package for the North American economy approved by Congress will create additional opportunities of 483 million euros for Portuguese exporters by 2022, an estimate by Euler Hermes revealed.

According to the credit insurance company, a shareholder of COSEC, the recent stimulus package approved by the United States Congress will mainly benefit the sectors of energy, services, textiles and the chemical industry, advanced this Tuesday the agency Lusa.

Euler Hermes also estimated that “the incentive of 1.6 billion euros to the North American economy will have, during the same period, an impact of 0.1% on the Portuguese Gross Domestic Product (GDP)”.

According to the recently published study “The irony of Biden’s super stimulus: USD360bn for exporters around the world”, this “historic package” will have a total impact of more than 302 billion in exports worldwide, including more than 81 billion in Western Europe alone, the area that will see the greatest potential gains in this context, with 75% of this impact still being felt in 2021.

According to the economists of the COSEC shareholder, in Europe, Germany is the country best positioned to benefit from this stimulus, with forecasts of more than 18.5 billion euros. Next are the United Kingdom (more than 13 billion), Ireland (close to 11 billion) and France (more than 8 billion).

Asia, with the exception of China, is expected to make gains of more than € 63 billion. China is expected to make gains of more than 50 billion and Latin America, of almost 50 billion euros.

Worldwide, the sectors most benefited by this North American investment are expected to be household equipment, which will have additional gains of more than 26,000 million euros, that of computers and telecommunications (25,000 million) and the automobile (24,000 million euros).

The confidence generated by the approval of this ‘super stimulus’ is already having an impact on economic forecasts, with Euler Hermes revising upwards its estimate of US GDP growth to 5.3% this year, against a forecast of 3.6% in December last year, and 3.8% for the next year, compared to the 3.1% estimated at the end of last year.

The forecasts on the unemployment rate were also reviewed by Euler Hermes, now showing a 4.3% figure at the end of next year, which compares with 6.2% forecast in February this year.

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