The Portuguese economy in the 21st century has been marked by a series of profound challenges and transformations, reflecting both the global context and the country’s internal specificities. Analysing where we are, where we have come from and where we are going requires understanding the historical trajectory, the reforms implemented and the emerging trends that are shaping Portugal’s economic future. At the beginning of the 21st century, the country faced a series of economic obstacles. After the late 1990s and early 2000s, the country experienced moderate economic growth, but already had accumulated structural weaknesses. The impact of the 2008 global financial crisis and the eurozone sovereign debt crisis (2010-2014) was a turning point. The country was forced to request an international financial bailout. After the period of austerity, Portugal experienced a remarkable economic recovery from 2014 onwards, with sustained growth, a reduction in the unemployment rate and an increase in exports. The Portuguese economy has been diversifying, with growth in the areas of tourism, technology and renewable energy standing out. From 2023 onwards, the Portuguese economy entered a phase of increasing challenges such as inflation, an ageing population, a shortage of skilled workers and geopolitical uncertainties. However, it continues to be an open economy, integrated into the European Union and with a dynamic export sector. The future of the Portuguese economy will depend on a series of internal and external factors. Among the main challenges and opportunities, the following stand out, for example, demography, the labour market, sustainability, energy transition, digitalisation, innovation, internationalisation, tourism, competitiveness and globalisation. Public policies should be directed towards inclusive and sustainable growth, taking advantage of the country's competitive advantages while mitigating the risks and uncertainties of the global context.