In October 2024, general elections will be held. The most likely scenario is a second round run-off in November between the candidates representing the left-wing Frente Amplio and the Partido Nacional. The current president, Luis Lacalle Pou of the centre-right Partido Nacional (PN), will not be able to run for re-election.
Several credit rating agencies confirmed investment grade for Uruguay in the beginning of 2024 with a positive outlook. The ambition for the country is to advance from the B to A Escalon.
Annual inflation is 3.8% which is the lowest since 2005. The difference with neighboring countries is enormous. The impact of low prices for consumer goods has been very big in the regions close to Argentina with people crossing the international bridges to buy groceries and fill up their tanks.
The International Monetary Fund expects a GDP growth in 2024 to be 3.7% and in 2025 2.9%. Truth is that the relatively high growth is 2024 is partly the result of the end of a severe drought that leads to a bumper harvest, which will lift agricultural exports and industrial production.
