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During the early 20th century, Uruguay acquired the sobriquet of “the Switzerland of South America”, being one of the most stable, prosperous and democratic countries in the region.
This image was tarnished by a military junta in 1973-1985.
His party, FA, holds a majority in both houses of Congress.
It is not the first time that Vázquez has run the country: he also held the post between 20 before being succeeded by his party colleague José Mujica (Uruguayan presidents do not serve consecutive terms).
However, the ruling coalition’s survival is not threatened and policymaking is likely to remain stable, predictable and transparent overall.
In recent years the fiscal deficit has been increasing and it peaked in 2016 at roughly -4% of GDP, which is still a moderate level.
Secondly, the exchange-rate risk has been reduced after a debt exchange at the end of 2011.
Nevertheless, the share in foreign currency remains significant, especially as the exchange rate is floating.
Historically, public debt has declined sharply from almost 100% of GDP in 2003 to around 66% of GDP at the end of 2017.
FA and its presidents have been following a pragmatic left discourse.
They have introduced social and economic reforms that have reduced poverty and unemployment while maintaining a pro-business stance.
That being said, in the past 5 years public debt has been increasing due to the widening fiscal deficits.
Under the prospect of narrowing fiscal deficits in the coming years, public debt is forecast to remain stable at about 65% of GDP.
Uruguay has been a beacon of political stability in the region but the country is doing well from an economic point of view as well.