Horta Osorio says income in Portugal is ‘clearly insufficient’

Horta Osorio says income in Portugal is ‘clearly insufficient’

Director Antonio Horta Osorio says Portugal is “lagging” compared to Europe in the area of ​​competitiveness and that average income is “clearly insufficient”.

In an interview with Público, the banker asks why “we are satisfied with the average income of 1,100 or 1,200 euros”, while in Spain the income is “50% higher and in Ireland it is three times the average of the Portuguese?”

For the manager, this is a scenario resulting from the lack of “ambition” that exists in Portugal because “as a country we have to do better” bearing in mind that “the only place where success comes before work is in the dictionary”.

To overcome the lack of ambition, “conditions must be created for investment in cutting-edge sectors,” Horta Osorio puts it, which are those that generate “more exports and more innovation.” The banker also told Biblico that “resources should be allocated primarily to the private sector,” with “an important role in regulating and making sure there are no excesses or external factors.” And then, Horta Osorio continues, “The terms of financial and investment support must be guided by the sense of knowing where the country has comparative advantages.”

The banker – who declined to speak in the interview about Credit Suisse – asserts that if nothing is done “what is happening keeps happening, instead of getting close to the average income in the EU, we diverge”.