ONE year after gaining freedom from the control of its international creditors, Portugal has succeeded in dramatically improving its economy, though most people are still struggling under the stringent austerity measures.

    In 2011, Portugal received a 78 billion euro (US$89 billion) loan to save its failing economy, joining one of the EU’s other struggling economies, Ireland, in being bailed out.

    Now, the deficit is under control, tourists are coming in record numbers, the real estate market is recovering and exports and investments are increasing.

    But in return for the bailout, the government had to cut wages, pensions and social benefits, and its population continues to grapple with high unemployment rates and increased taxation.

    In a sense, Portugal made the painful decisions that people in Greece, another eurozone country that is now deep in an economic crisis, bridled at.

    Economic forecasts in Portugal are looking promising this year, with the government expecting 1.6 percent growth, but experts say that this apparent success does not mean much for the people — yet.

    “The numbers are better, but the life of the Portuguese hasn’t changed. One year after the era of the troika, the economic miracle appears to be a mirage,” Domingos Amaral, said a professor of economics at the Catholic University in Lisbon.

    The officials of the troika, the financial trio consisting of the European Union, International Monetary Fund and the European Central Bank, celebrated Portugal’s renewed financial sovereignty in 2014, while stressing it did not mean an end to sacrifices.

    “Unemployment is still high, along with taxes and public debt. The growth is small, and Portuguese people continue to emigrate,” said Amaral.

    Nearly one out every five Portuguese live below the poverty line, with an income below 411 euros per month.(SD-Agencies)