Crisis-Resistant Economic Models: Uruguay’s Example

... percent to 1.3 percent. The annual economic growth rate reached 6.6 percent in 2004-2008. Indicatively, the reduction of the economic growth rate to 2.9 percent in 2009 looked like an achievement against the backdrop of a substantial decline in the global economy and the majority of Latin American states. The acceleration of economic growth and improvement of the budget policy allowed Uruguay t o reduce its gross national debt from 79.3 percent of the GDP in 2005 to 60 percent in 2009. Democratic traditions and lower income differentiation level compared with most Latin American countries were one of Uruguay’s advantages. So called ...