Portugal and Spain are very different cases here, so they're definitely going to need their own sections.

Portugal coming out of the Second World War was a corporatist one-party state under Antonio Salazar, the leader of the Estado Novo, a deeply conservative and authoritarian party. Portugal's economy was, to put it lightly, not great; centuries of disasters (Both natural and Political) and economic overextension with her overseas territory, combined with the turmoil of the Late Monarchy and Early Republican periods, there was almost no way for Portugal to really achieve large scale economic development. Starting with the Estado Novo in 1926, Portugese infrastructure and economic conditions would begin to slowly improve; Salazar placed a strong emphasis on a balanced budget and slow but steady development, with Portugal profiting handsomely from selling military resources (Primarily Tungsten) to the United Kingdom and later the United States. Salazar also placed a strong emphasis on a neutral stance during WW2; Portugal was very much so British-aligned but maintained strict neutrality as part of their arrangement with Franco's Spain (Salazar met with Franco regularly and heavily pushed Iberian neutrality.) However, Portugal remained quite poor throughout this period and wouldn't begin to develop rapidly until the late 50's into the 60's with a change towards a less conservative trade and financial policy, though the injection of money during the Marshall Plan and further American investments through the 50's would set up this growth. Overall, Portugal would end up coming out ahead, but not fantastically; her economic development remained well behind most of Western Europe and would be surpassed by her neighbor towards the mid 60's.

Any discussion involving Spain during the WW2 period has to begin with the Spanish Civil War; an absolutely devastating conflict which would take Spain's already existing pre-war economic woes and make them look like a cake-walk. Spain's economy had been largely protectionist before the war, as Spanish industry was nowhere near competitive with the other Western European nations. This meant the Spanish economy was particularly vulnerable to domestic interruptions and crises, and while Spain would have periods of growth and decline, none came close to bringing it close to the rest of industrialized Europe. Spain came out of its civil war with its agricultural and industrial sectors far below pre-war levels, non-existent currency reserves and the beginnings of WW2, during which Franco's axis alignment would largely isolate him from large scale trade with the Allies. Combined with Axis wide resource shortages meant that the Spanish economy was also prevented from recovering in any meaningful manner, and with the Axis defeat, Spain was left with a greatly depressed and isolated economy that had hardly bounced back from its Civil War. This trend would continue until 1953 with the Madrid Pact, where Spain and the United States agreed to the beginnings of a military alliance, and Spain began to open its economy to the rest of the world. Franco began to implement more liberal economic policies (Though these hardly had consistent pacing and took the better part of the 1950's to reach a coherent conclusion), and over the 1950's Spains economy would gradually begin to set itself for the success of the 60's, a period now known as the Spanish Miracle. Spain's economy would grow extremely rapidly during the 60's, a combined result of the neoliberal policies Franco had allowed, integration with the rest of Western Europe and rapid industrial and agricultural growth. This growth would continue through the 60's up until Franco's death, and while economic growth would slow down through the late 70's, Spain would largely catch up with the rest of Europe in terms of development standards by the turn of the century (Spain does still linger behind the other major European nations, but far less than previously and is rather close to Italy in terms of GDP per capita.)