Uruguay: Selected Issues

IMF Staff Country Reports, February 21, 2020

Source details

Canonical URL

Uruguay: Selected Issues

Other formats

• Markdown version
• Structured JSON version
• Bundle manifest

Bibliographic details

• Published: February 21, 2020
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513530864.002

Executive summary

• Studies economic growth in Uruguay.
• Following the 2002 crisis, Uruguay had a remarkable economic recovery.
• The major growth acceleration in 2004–14 was explained by a combination of positive external factors, recovery from crisis, and emergence of new export sectors.
• With external factors no longer a support for growth, Uruguay needs to leverage its strengths to raise growth sustainably.
• Uruguay’s high level of institutional quality and social cohesion provides a stable container for growth.

Drivers of growth in 2004–14

• Combination of positive external factors, recovery from crisis, and emergence of new export sectors explained the major growth acceleration in 2004–14.
• New export industries played a central role in the recovery and acceleration.

Challenges and areas to enhance

• Comparison relative to trading partners and high growth peers identifies areas for improvement to unleash growth potential:
  • A strong, flexible, and equitable labor market.
  • Better education outcomes.
  • Higher private sector dynamism.
  • Continued macro stability.

Policy recommendations and priorities

• Structural policy reforms on key constraints to the private sector to:
  • Realize the potential of the new export industries.
  • Set the stage for inclusive growth.
• Strengthen and maintain a strong and credible macro policy framework to ensure growth sustainability.
• Specific macro objectives to support structural reforms:
  • Reduce debt and keep it at low levels.
  • Reduce inflation and keep it at low levels.
  • Reduce dollarization and keep it at low levels.
• Continue efforts that lay the foundations for structural reforms to flourish.

Key statistics and publication metadata

• Publication date: February 21, 2020
• Pages: 46
• Volume: 2020
• Issue: 052
• Series: Country Report No. 2020/052
• DOI: https://doi.org/10.5089/9781513530864.002
• Stock No: 1URYEA2020002
• ISBN: 9781513530864
• ISSN: 1934-7685
• Subject tags: Expenditure, Exports, Infrastructure, International trade, Labor, National accounts, Public investment and public-private partnerships (PPP), Public investment spending, Unemployment
• Keywords: Asia and Pacific, CR, Exports, Global, Infrastructure, infrastructure investment, ISCR, Labor indicator, labor market condition, Public investment and public-private partnerships (PPP), Public investment spending, text, Unemployment, wage council, youth unemployment, youth-to-adult unemployment gap

International Monetary Fund. Uruguay: Selected Issues. IMF Staff Country Reports 2020, 052 (2020).

Content in this bundle

• Uruguay: Selected Issues; IMF Country Report No. 20/52; January 28, 2020
  • Uruguay: Selected Issues; IMF Country Report No. 20/52; January 28, 2020 (Markdown version)
  • Uruguay: Selected Issues; IMF Country Report No. 20/52; January 28, 2020 (PDF)