What effects did their increased global trade have on the economic development of Spain and Portugal?

Increased global trade significantly bolstered the economic development of Spain and Portugal during the Age of Exploration. Both nations amassed vast wealth through the exploitation of colonies and the lucrative trade in goods such as gold, silver, spices, and sugar. This influx of resources stimulated their economies, leading to urban growth and the rise of a merchant class. However, reliance on trade also made them vulnerable to fluctuations in global markets and contributed to social inequalities within their societies.