The Al Jazeera English video report "Portugal brain drain: Young professionals flee stagnating economy" (published on November 17, 2024) discusses the challenges faced by young professionals in Portugal despite the country's efforts to attract tech professionals and entrepreneurs.
Here's a summary:
- Brain Drain: Portugal is experiencing a significant brain drain, with many young, educated professionals leaving the country due to a lack of opportunities and low wages. The video highlights the story of Ines Santos, a graphic designer with two degrees who is unable to earn more than the minimum wage and is considering leaving Portugal like many of her friends.
- Stagnant Economy: Experts attribute this brain drain to Portugal's low-growth economy, which is heavily reliant on tourism and struggles to compete with other European countries in terms of salaries and opportunities. The report mentions that Portugal loses up to 40% of its graduates each year, and 30% of young professionals now live abroad.
- High Cost of Living: The video also points to the high cost of living in Portugal, particularly in Lisbon, where an influx of tourists and short-term rentals have driven up property prices. This makes it difficult for young professionals to afford housing even with proposed tax breaks for young earners.
- Call for Action: The report shows a petition signed by thousands demanding an end to short-term tourist lets to address the housing crisis. It emphasizes the need for Portugal to create a more sustainable economy that provides opportunities for its young professionals and makes Lisbon a "home for everyone."
In conclusion, the video paints a picture of a country struggling to retain its young talent due to a combination of economic challenges, high living costs, and a lack of opportunities outside the tourism sector. It highlights the urgent need for Portugal to address these issues to prevent further brain drain and create a more promising future for its young generation.
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