Macroeconomic Forecast Uruguay

January 2007 | Macroeconomic Forecasts

Ratings agency Moody's announced on December 21 that it raised Uruguay's local and foreign currency ratings to B1 from B3, placing the country four notches below investment grade. The ratings agency highlighted that the government's fiscal credibility and its effort to reduce the external debt burden have been the main reasons for the upgrade. According to our forecasts, Uruguay's nominal deficit is likely to amount to UYU4.5bn (1.0% of GDP) in 2006. This represents a remarkable improvement when

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