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Multi-dimensional Review of Uruguay

Volume 1: Initial Assessment

image of Multi-dimensional Review of Uruguay

Uruguay has made remarkable progress over the past decade. Stable macroeconomic policies and a favourable external environment have permitted brisk growth and the financing of social policies. Substantial improvements in several dimensions of human well-being have occurred during this period, alongside considerable reductions in external risks. The conditions ahead, however, may present challenges to maintaining performance. Overcoming these challenges will require finding the appropriate balance between long run objectives and macroeconomic and fiscal stability.

One of the main obstacles to economic growth is the insufficient and inadequate provision of human capital and skills. A number of challenges remain for education, which, together with fiscal policy, are key means of reducing inequalities and sustaining economic growth. In addition, Uruguay needs to address labour shortages to avoid constraints on future growth, especially as exports become more skills-intensive. It is important to orient social policies and expenditures towards the most vulnerable groups.

English Spanish

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Macroeconomic policies for sustaining growth and social inclusion in Uruguay

OECD Development Centre

This chapter discusses issues related to the macroeconomic framework and the institutional settings needed to consolidate recent gains in terms of economic growth and reduction in inequalities. After a brief discussion of the post-crisis recovery of the Uruguayan economy since 2002, it sets out the main challenges facing the economy and the appropriate policy directions necessary to address short, medium and longer-term issues. Particular attention is paid to opportunities and challenges linked to the materialisation of significant investments in the mining sector, as well as fiscal frameworks that could help reap the most benefits.

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