Portugal has faced economic difficulty since the recent global recession, but unlike many
other stalling European nations, they have seen a steady recovery.
In March 2015, Portugal paid off 22% of their bailout loan from the International Monetary
Fund.
Portugal is on it’s way back to regaining its lost economic strength in Europe.
But on a global level, how powerful is Portugal?
Well, Portugal is a nation slightly smaller than the state of Indiana.
It’s situated on the coast, bordered by its only neighbor, Spain.
Most of its population speaks Portuguese, and subscribes to Roman Catholicism.
With 10 million people, it’s the 87th most populous country in the world, ranking above
Sweden and below Greece.
Portugal was historically the envy of Europe with a strong maritime economy.
Legendary sea explorers like Vasco De Gama, and Pedro Alvares Cabral, were famous for
discovering routes to India and Brazil, respectively.
One of the most well-known Portuguese citizens, Ferdinand Magellan, was the first to circumnavigate
the globe.
But things have changed for Portugal.
The recent global recession hit the country hard, and it’s debt measures about 128%
of its GDP.
14% of working-age citizens are unemployed, and 19% of people live below the poverty line.
Still, compared to other weak European economies, Portugal has proven to be one of the most
adaptable and quick to recover.
In just a few more years , the country could be back on its feet, and have no more need
for the austerity measures that still affect Greece, Italy and Spain.
Today, Portugal’s GDP is about $230 billion dollars, ranking 48th in the world below Ireland
and Greece.
Their economy consists of a very diversified service industry, and some of the standout
exports from Portugal include automobiles and refined petroleum.
Portugal is also the world’s leading producer of cork products, accounting for 60% of the
global trade.
Because Portugal is uniquely isolated, historically their defense needs have been minor.
In both world wars they’ve been able to maintain relative neutrality due to their
smaller size.
Today there are only about 40,000 active personnel, but there are more than 200,000 personnel
in reserve.
Their arsenal is equipped with modern aircrafts, ships and tanks, and kept up to date with
a national defense budget of $4 billion dollars.
Although their military is small, it’s well maintained, and ranks 57th worldwide.
But the real source of Portugal’s international power is their diplomatic relationships with
Europe and abroad.
Portugal joined the European Union in 1986 and were early members of both NATO and the
OECD.
One of their strongest allies is the United Kingdom, and their friendly ties date back
to the 14th century.
Additionally, Portugal’s former colonies, including Brazil and Angola, give the nation
cultural footholds worldwide.
So, Portugal’s alliances give the country an international presence, although their
economy is still somewhat lacking and their military is quite small.
Overall, the nation’s power is relatively minimal compared to the rest of the developed
Western world.
However, when compared to the rest of the unhealthy European economies, Portugal is
an example of success.
Austerity measures that crippled other nations like Greece and Spain, have worked for Portugal.
And in that regard, the nation has a unique power to transform itself against the odds,
and help its citizens flourish.
Neighboring Spain may be much larger than Portugal but both countries have gone through
similar struggles that have affected their clout.
To find out just how powerful Spain is, watch this video.
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