Economic Concerns as Madeira's Growth Lags Behind National Average
Madeira GuideFrancisco Gomes of the Chega party highlights concerns over Madeira's economic growth, which falls below the national average, urging a reevaluation of current development strategies.
In a recent statement, Francisco Gomes, a representative from the Chega party, raised concerns about Madeira's economic growth lagging behind the national average. According to Gomes, the island's 2024 GDP growth was recorded at 1.5%, significantly lower than the national average of 2.1%.
Gomes emphasized the need for a strategic reassessment of the development model currently pursued by the regional government. He argued that the existing strategies might not be adequately addressing the economic challenges faced by the region, which could lead to further economic disadvantages for Madeira.
Citing data from the National Institute of Statistics (INE), Gomes pointed out that the current growth rate places Madeira in a precarious economic position. This situation, he insists, necessitates a comprehensive review and potential overhaul of the economic policies to ensure the region can keep pace with national progress.
Madeira, an autonomous region of Portugal, is known for its tourism-driven economy. However, the discrepancy in growth rates highlights underlying structural challenges that may need to be addressed to sustain long-term economic health and competitiveness.
As Madeira continues to attract tourists with its scenic landscapes and cultural offerings, the call for a revised economic approach becomes crucial not just for maintaining its appeal but also for ensuring sustainable development that benefits both residents and visitors.
Sources
Madeira Guide
Author