The Portuguese capital market fits into a “very positive” scenario, in which “continuous reforms” are still necessary. The guarantee is from the person responsible for Blackrock in Portugal, André Themudo.
In a meeting with journalists held in Lisbon, he outlined perspectives for 2026 on the most promising markets, having noted that Blackrock remains optimistic about the Portuguese case.
The event is organized by the asset manager twice a year. There, asset allocation perspectives and economic perspectives are shared. The meeting was based on a report prepared by the Blackrock Investment Institute, formed by more than 100 macroeconomists and fund managers from the company.
Optimism about Portugal results from a starting point about European economies. In these, he explains, there are “three sectors that we like: financial, infrastructure and health. Now, Blackrock understands that the Iberian equity markets have a significant representation of them, which is why it sees potential in Portugal and Spain.
Portugal shows “resilience” but struggles with “still high” public debt
A Blackrock looks at the national economy with “good eyes”. At the origin of this position are the “above-average growth in the euro zone, low inflation compared to peer countries and a dynamic stock market”, which combines a scenario of political stability and the tourism sector as a driver of growth, he explains.
With regard to Portugal and the Portuguese market, “we remain positive”, as it is “a case of macroeconomic resilience”, points out the person responsible for Blackrock in the country.
On the other hand, there are “challenges”, in a scenario of “still high public debt, demographic aging and modest productivity gains in some sectors of activity”. In this context, the situation is “quite positive for Portugal and Spain, but requires prudent management and continuous reforms”, he points out.