Uruguay is considered by some investors as the ‘Switzerland of Latin America’ due to its size, with about 3.5 million inhabitants, and a diversified economy in recent years with the development of the industrial sector, commerce and services.

For Mirabaud's investment specialist, John Plassard, the country combines a series of characteristics that would make it “a new El Dorado”, due to its high levels of GDP per capita in South America, with more than 21,000 dollars (17,255 euros) which are well above Argentina, which is around 8,000 dollars (6,571 euros), or Brazil, with 14,560 dollars (11,963 euros), according to data from the International Monetary Fund (IMF).

"It has enjoyed solid political and social stability for years, backed by a consolidated democracy and solid legal certainty, which makes it attractive to investors," says Plassard, who in turn highlights that among the Government's priorities in matters economic deficit is reducing the budget deficit through a program of austerity and rationalization of public spending, in order to maintain benefits for the most vulnerable sectors.

With regard to the coronavirus crisis, Uruguay has been one of the countries in Latin America that has best managed the spread of the viral outbreak, due to the early action of the Government and the carrying out of massive tests on the population. In fact, the IMF forecasts that one of the most moderate falls this year in the Latin American region will be for Uruguay (-4.5%).

In addition, Plassard points out that the fiscal policies of the Executive of Luis Lacalle Pou aim to restore business profitability as a means to encourage investment and stimulate economic growth.

Source: https://www.que.es/economia/uruguay-pib-per-capita-altos.html