The PIGS are Portugal, Italy, Greece and Spain. Ireland are also counted to these on some occasions. These countries are said to be the weakest in the European Union.
These countries have the following characteristics:
- slow or negative economic growth
- rising unemployment
- deteriorating public sector finances and higher government debt
- relatively high inflation or even deflation
- a high deficit in trade
- relatively low labour productivity
- a falling part on global trade
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