Uruguay's deputy tourism minister said that based on current trends the number of international tourist arrivals during the current summer season, which peaks in December and January, should rise by more than 10%.
Uruguay faces seven conditions which are creating a complex scenario and if they are not modified by government, it's most possible the economy is heading for a recession, according to economist Juan Carlos Protasi, a former central bank president.
Brazilian former president Fernando Henrique Cardoso, (1995/2002) said that the serious economic situation faced by Brazil is very complex, will take time to overcome and most surely the impact will be felt in neighboring Uruguay, a country which must target other markets, other economic spaces.
Uruguay's economy is strong enough to navigate in a challenging global and regional environment in which the U.S. dollar is strong and inflation is starting to rise, Uruguayan Central Bank, (BCU), chairman Mario Bergara said during a conference in Montevideo where he discussed the central bank's mission in the current world environment.
Private consultants forecast the Uruguayan economy will expand 2.5% in 2015, compared to 3.5% the previous year, but recommend a strong moderation in government spending to retake the path of sustained growth and contain the consequences of an adverse international scenario mostly recessive.
Uruguay's GDP expanded a strong 3.5% during 2014 over the previous year, with positive activity in most sectors of the Mercosur member economy, according to the latest report from the Central bank. The result was in line with government officials expectations of 3% growth last year.
The Uruguayan economy is decelerating gradually after a decade of strong and inclusive growth. Export receipts are growing at a markedly lower clip than a few years ago and domestic demand growth is slowing towards a more sustainable pace. At the same time, inflation remains above the target range and the primary fiscal balance has weakened further in 2014.
High inflation, relatively weak economic growth and an exhausted growth model are forecasted for Uruguayan president-elect Tabare Vazquez second administration as of next March, according to the latest report from two Capital Economics analysts.
The Inter-American Development Bank (IDB) has approved a 120 million dollars loan to finance the second phase of Uruguay's Strategic International Positioning Program. Its goal is to consolidate the country's international positioning, contributing to an increase in investments—mainly those aimed at high value-added sectors— and exports.
Uruguay's inflation indicator dropped to 8.36% in September from 8.75% in August, according to the latest report from the country's stats office INE. During September consumer prices increased a full 1%, and 8,04% in the first nine months of the year. However despite the high percentage it is below the same period a year ago: 8.41%.