For Portugal, the cause was the occupation by Napoleon. The royal Family and a great part of Portugal's economic and social élite fled to its colony Brazil that already was prosperous and that with the arrival of King and nobles became the center of the Portuguese Empire and the focus of economic development. Portugal itself became much of a backwater, already having suffered the results of wars and earthquakes since the 1750's.
When the King returned in 1821 and tried to reverse Brazil's status back to 'colony', his son - who he had left there to rule in his stead - put himself at the head of the movement that declared Brazil independent. The loss of its richest posession caused Portugal to become poor and remain so for well over a hundred years
Spain's case was slightly different. The steady flow of silver from its American posessions since the 16th century had caused Spain to neglect its own economic development while at the same time spending its silver on being a big player in European politics, spending huge amounts on wars that seldom came out profitable. When the flow finally dried up, Spain basically was a banana republic that had run out of bananas. On top of that came Napoleon's conquest of Spain, followed by decades of civil unrest and civil war. At the same time, Spain's colonies started clamoring for independence and in the course of the 19th century Spain lost practically all of them.
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Portugal took and interest in Brazil because it was the only place in the New World they were allowed to claim. Disputes between Spain and Portugal led to the Treaty of Tordesillas, which drew a line down the map. Spain took what was to the West (most of the Americas) and Portugal took the East (Africa, India and a sliver of South America AKA Brazil) Also, European expansion was in vogue and they didn't want to be the only power not in the New World.
Poor and agricultural
Portugal is spelled the same in Spanish as in English. It is pronounced, "poor-to-GAHL." Sites such as learn-spanish.co.il provide audio pronunciations of many common Spanish words.
Many of Spain's colonies revolted against Spanish rule in the early 1800s due to various factors. These included the influence of enlightenment ideas of liberty and equality, resentment towards Spanish economic exploitation, the weakening of Spanish colonial administration, and the impact of the Napoleonic Wars in Europe. Additionally, the successful revolutions in the United States and France served as inspirations for independence movements in the Spanish colonies.