Corporate governance

OECD Capital Market Review of Portugal



Published 2 October 2020


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With funding by the European Union‌ via the Directorate General for Structural Reform Support

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Improved capital markets can help Portugal build a dynamic business sector and support its COVID-19 recovery


A melhoria dos mercados de capitais pode ajudar Portugal a construir um setor empresarial dinâmico e apoiar a recuperação do COVID-19


Summário executivo - Avaliação da OCDE do Mercado de Capitais de Portugal 2020



Launch of the Review

Lisbon, 2/10/2020 – The review was released in Lisbon on 2 October 2020 with the participation of OECD Secretary-General Angel Gurría, Portuguese Finance Minister João Leão and European Commissioner Elisa Ferreira.


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Opening remarks by Angel Gurría


Keynote speech by Elisa Ferreira




About the Review

Portugal has the ambition to diversify its economy, improve its competitiveness and attract foreign investment. This would help to create good quality jobs and to strengthen the country’s economic resilience. However, such a transformation requires that Portuguese businesses have access to a capital market that can finance long-term investments, support innovation and facilitate entrepreneurship. A more developed domestic capital market would also help corporations to achieve the necessary economies of scale and strengthen the balance sheets of individual firms.

Building on Portugal’s successful implementation of a wide range of structural and economic reforms over the past decade, the OECD Capital Market Review of Portugal offers policy recommendations to Portuguese authorities on how to improve the conditions for capital markets to finance corporations of all sizes and provide investment opportunities to savers.

While the recommendations in this report are primarily based on an analysis of structural conditions, their implementation remains highly relevant in the wake of the ongoing COVID-19 crisis where better functioning capital markets can play an important role in recapitalising the business sector and support a dynamic and sustainable recovery.

This review was funded by the European Union via the Structural Reform Support Programme and implemented by the OECD, in cooperation with the European Commission’s Directorate General for Structural Reform Support (DG REFORM).


See also

Improving Access to Capital for Portuguese Companies: A Survey of Unlisted Companies


Understanding Delistings from the Portuguese Stock Market


More OECD work on capital markets










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