Dissecting Economic Growth in Uruguay

IMF Working Papers, January 8, 2021

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Dissecting Economic Growth in Uruguay

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Bibliographic details

• Authors: Natasha X Che
• Published: January 8, 2021
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781513564708.001

Summary

• Uruguay experienced one of its biggest economic booms in history during 2004-2014.
• Since then, growth has come down significantly.
• The paper investigates the various causes of the boom and discusses the sustainability of these causes.
• The paper compares Uruguay against high-growth countries that were once at a similar income level, across a broad set of structural indicators, to identify priority reform areas that could improve long-term growth prospects.

Major themes and analytical focus

• Causes of the 2004-2014 boom:
  • Analysis of drivers behind Uruguay’s large expansion during 2004-2014.
• Sustainability assessment:
  • Evaluation of whether the boom’s drivers are sustainable going forward.
• Cross-country comparison:
  • Comparison of Uruguay with high-growth countries that started at similar income levels.
  • Use of a broad set of structural indicators to identify gaps and reform priorities.

Key subjects and keywords

• Subject: Commodity prices, Exchange rates, Exports, Real exchange rates, Total factor productivity
• Keywords: commodity price boom, convergence record, economic growth, economy of Uruguay, income convergence, soybean export, sustainable growth, terms of trade, Uruguay, Uruguay economy, WP

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