Portugal must pedal harder as EU raises investment concerns: PM

Source: Xinhua| 2019-02-28 06:02:23|Editor: yan
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LISBON, Feb. 27 (Xinhua) -- Portugal needs to "pedal harder," Prime Minister Antonio Costa said on Wednesday, as the European Union (EU) flagged up investment concerns.

"At a time when the global economy is showing less favorable signals we have to pedal harder to counter outside trends," said Costa, as reported by the Lusa Portuguese News Agency.

His comments came after the European Commission in Brussels raised concerns about Portugal's medium-term budget sustainability in its European Semester Winter Package report.

The commission said net international investment levels in Portugal were among the lowest in the EU.

But Costa said "we will be able to sustain our potential for economic growth and development through our own consumption capacity and strategic investment, thus maintaining the dynamic we've established."

"There are good reasons not to sit back and rest, but to trust in doing what's necessary to get to where we want to be and ensure that our trajectory continues to converge with the European Union, which has to be our collective goal," he added.

Costa was speaking in Viana do Castelo, a town 70 km north of Porto. He was there to sign off on a 7.3 million euros infrastructure project that will see an access road built connecting the highway to the port.