Joao Baptista's career is a good example of the transformation seen in Portugal. The 34-year-old entrepreneur opened his first bar in 2011 – at the height of the euro zone financial crisis. Six years down the line he owns five of the trendiest bars in Lisbon and will open his sixth after the summer in the northern city of Porto.
"The boom in tourism and measures such as reduction of VAT (value added tax) from 23 percent to 13 percent have helped bars, restaurants, and commerce in general," he told CNBC.
Long gone are the days when Portugal took center stage among the PIGS - a derogatory acronym to describe the economies of Portugal, Ireland, Greece and Spain during the financial crisis. Portugal is now often cited as an example of economic resurgence, applauded by international institutions.
But what has driven this change? And more importantly, will it last?