Place Credit Reports Uruguay Order
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Economy Overview:
Uruguay's well-to-do economy is characterized by an export-oriented
agricultural sector, a well-educated work force, and high levels of
social spending. After averaging growth of 5% annually during 1996-98,
in 1999-2002 the economy suffered a major downturn, stemming largely
from the spillover effects of the economic problems of its large
neighbors, Argentina and Brazil. For instance, in 2001-02 Argentina made
massive withdrawals of dollars deposited in Uruguayan banks, which led
to a plunge in the Uruguayan peso and a massive rise in unemployment.
Total GDP in these four years dropped by nearly 20%, with 2002 the worst
year due to the banking crisis. The unemployment rate rose to nearly 20%
in 2002, inflation surged, and the burden of external debt doubled.
Cooperation with the IMF helped stem the damage. A debt swap with
private-sector creditors in 2003 extended the maturity dates on nearly
half of Uruguay's then $11.3 billion of public debt and helped restore
public confidence. The economy grew about 10% in 2004 as a result of
high commodity prices for Uruguayan exports, a competitive peso, growth
in the region, and low international interest rates, but slowed to 6.1%
in 2005.
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