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. It then 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 prospect.
Martin Ravallion, Brian Levy, Azizali Mohammed, Patrick Low, Rozlyn Coleman, Mr. Tamim Bayoumi, Mr. Karl Driessen, and Gregory Ingram
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International Monetary Fund. External Relations Dept.
Economic policy oversight—in IMF parlance, “surveillance”—is a key responsibility of the institution and of its member countries. The challenge for the IMF, particularly over the past decade, has been to ensure that its surveillance remains effective and in step with the dramatic changes taking place in the world economy. Every two years, the IMF undertakes a review of its surveillance. John Hicklin, a Senior Advisor in the IMF’s Policy Development and Review Department, talked with the IMF Survey about the results of the most recent biennial review.