Uruguay's Budget Sets Course Correction For Public Finances
The new Uruguayan president Luis Lacalle Pou has faced a challenging social, economic, and political environment since taking office on March 1st. Even before the Coronavirus Disease (COVID-19) global outbreak, Uruguay had experienced five years of anemic growth and deteriorating public finances. Then, just 12 days after the President was sworn into office, Uruguay recorded its first confirmed case of COVID-19. Social-distancing measures to contain the virus, combined with weakened global and regional demand, have led to a sharp decline in economic activity and employment.
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