## Uruguay: Selected Issues

_IMF Staff Country Reports, February 21, 2020_

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**Canonical URL:** [Uruguay: Selected Issues](https://www.imf.org/en/publications/cr/issues/2020/02/20/uruguay-selected-issues-49066)

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## Bibliographic details
- Published: February 21, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513530864.002

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### 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).*

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## 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)](/-/media/files/publications/cr/2020/english/1uryea2020002.pdf.md){rel="alternate" type="text/markdown"}
  - [Uruguay: Selected Issues; IMF Country Report No. 20/52; January 28, 2020 (PDF)](/-/media/files/publications/cr/2020/english/1uryea2020002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2020/02/20/uruguay-selected-issues-49066_