La política económica uruguaya en el período 2020-2025

President Lacalle Pou began his term of office in March 2020, in a context marked by the Covid-19 pandemic, which implied the adoption of restrictive measures on the mobility of Uruguayans and border closures for foreigners. In the five years of government, the economy grew at an average rate of approximately 1%, with a sharp drop in the first year due to the pandemic, a subsequent recovery, followed by stagnation in 2023 due to the drought, and a new recovery in 2024. The economy showed lower inflation than in the previous period of government, but a more worrisome fiscal situation, ending the term with a higher level of fiscal deficit and indebtedness. The labor market showed employment and activity growing after the sharp drop due to the pandemic, with unemployment stable at around 8% in recent years. The international and regional context of growing uncertainty did not help the Uruguayan economy, however, country risk, after growing during 2020, decreased and reached lower levels than before the pandemic, marking, together with the low inflation levels, the main strengths of the economy for the new government period that is starting.