During the pandemic, the PRR - Recovery and Resilience Plan was nicknamed "Bazooka" by several actors in the Portuguese political sphere.
During 2020, Bazuca was touted as a vehicle for the salvation of the Portuguese economy, bringing a “potent load” of 16.644 million euros of financing. Having made the analogy in relation to war material, it is pleased to note, now in January 2022, that after all, the gunpowder was dry or wet.
In fact, from so much “humidity”, the Bazooka has turned green (is it moss?), and the overwhelming majority of PRR funds so far made available to the Portuguese economy only aim to finance initiatives in favor of the “green economy”, being another great part to finance initiatives of Public Administration structures.
However, the core of the need for investment in Portugal, and in particular in the Algarve, diverges from the vector taken so far by the “Bazooka”. The pandemic that proliferated in 2020 and which still persists to this date had dramatically destructive effects on the core of the Portuguese economy, instigating serious socio-economic cracks, due to the loss of livelihoods of Portuguese families.
Recognizing some nobility in the idea of rebuilding better (read more "green"), in order to erect the business fabric according to the vectors outlined by the European Union, in favor of its long-term vision of the future (it should be noted that these were idealized in a pre-pandemic scenario) more environmentally friendly and prioritizing investment in Research and Development, we must necessarily recognize the inalienable need that, in the short term, the economy needs investment in its growth, requiring support for initiatives that privilege the entrepreneurship (to stop the destruction of companies) and to encourage the expansion, modernization and hiring of human resources from existing companies (to stop the destruction of companies and boost the health and growth of existing companies).
In this sense, it is of paramount importance to provide support, in particular, according to the components C5.Capitalization and Business Innovation, C6.Qualifications and Competencies, C10.Mar and C16.Companies 4.0 of the PRR.
In my opinion, these are the components with the greatest impact on the Portuguese economy. However, analyzing the planning for the opening of applications until the second quarter of 2022, these are not truly covered, so it is important to appeal to the mission structure “Recover Portugal”, which is responsible for “Bazooka”, to bombard the economy with funds in the areas that businesses and families so desperately need and crave.
The “Bazooka” has the potential to be an important instrument in the recovery of the economy, so we wait with serenity and hope that the mission structure will be able to channel funds to the most relevant areas of our economy, allowing the creation of new companies and the strengthening of existing, in order to promote the creation of jobs and thus circumvent the “Cape of Storms” carried out by the destruction caused by the pandemic.
Author Luis da Ponte is an effective member of the Order of Economists.
He has a degree in Business Management and a postgraduate degree in Corporate Finance from the University of Algarve and a degree in Public Administration from the University of Minho.
Professionally, he is the owner of the companies “VDP – Consultoria | Insurance” and “TSE Industrial”.
Note: article published under the protocol between the Sul Informação and the Algarve Delegation of the Order of Economists
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