Uruguay: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Uruguay

Author: International Monetary Fund. Western Hemisphere Dept.

Volume/Issue: Volume 2023 Issue 178

Publication date: May 2023

ISBN: 9798400244155

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Topics covered in this book

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Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , inflation expectation , Policy issue , policy credibility , step-down interest rate structure , government finance statistics yearbook , Inflation , Fiscal stance , Global , Caribbean

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Grenada

Nepal

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Summary

Uruguay showed strong resilience during the Covid-19 pandemic, owing to its high institutional quality, strong governance, and the authorities’ policy responses. Scarring effects in real activity and the labor market were mitigated somewhat by the authorities’ well-targeted responses. The authorities’ strong track record of implementing sound macroeconomic policies in a challenging environment has improved the country’s resilience to shocks. Since September 2022, the country is undergoing the most severe drought in forty years.