MercoPress. South Atlantic News Agency

Arbeleche says Uruguay going through economic recovery

Arbeleche said Uruguay holds private entrepreneurship in high regard

Uruguay's Economy Minister Azucena Arbeleche Monday underlined her country was going through a process of economic recovery despite the global scenario.

The minister projected the South American nation's economic growth will stand at 4.8% by the end of 2022 “in a falling international context”.

During the Construction Day celebrations, Arbeleche stressed that “Uruguay is going through a moment of economic recovery in circumstances in which the world is going through a huge uncertainty that started with the pandemic, which then overlapped the geopolitical crisis of the war between Russia and Ukraine, and now faces, from the economic point of view, the international interest rate hikes.”

Arbeleche said construction grew by 7.6% compared to the first half of last year and said that it is one of the sectors that “has not lost real wages.”

The official added that “if we go to the 2020-2024 period, in terms of roads, it is estimated that we are going to execute a total of US$ 3,300 million,” while underscoring the importance of private entrepreneurship for President Luis Lacalle Pou's administration, which seeks to foster private investments.

“In April 2020, in the middle of the pandemic, the decree related to large-scale works was drafted and, considering the number of projects submitted to date, we have reached US$ 2,240 million in large-scale investment works,” she said.

Also proving Uruguay's economic performance, the Labor Ministry (MTSS) said Monday that 48,460 workers were on unemployment insurance in September, 83% of whom collected full unemployment insurance and 17% just partial unemployment insurance.

August's figures showed 49,209 people in this condition, a 13.5% increase from July, which was drastically boosted by the fire at the Punta del Este shopping mall.

The study also showed that 10,701 workers left unemployment insurance in September because 58.9% of them (6,304 people) were reinstated and 41.1% (4,397) were sacked.

“The number of workers in total unemployment insurance recorded in September 2022 is still significantly lower than the average number of workers in total unemployment insurance recorded between 2015 and February 2020, whose average was 45,069 versus 40,201 this month,” the MTSS said in a statement.