After years of rehab following a crippling economic crisis in 2002, Uruguay is snapping back to its relaxed self. The old-fashioned, wood-panelled cafes in the capital of Montevideo are bustling, and so are the shopping malls. New, modern apartment complexes are being built in the country’s middle class and well-off neighbourhoods, while (albeit controversial) pulp mills that represent huge foreign investment are under construction. And, most recently, Uruguay delivered a strong sign of strength to international markets by prepaying a sizeable chunk of loans to the International Monetary Fund (IMF).
“The economy is growing at a good rhythm and we expect the same this year,” says Fernando Lorenzo, the economy and finance ministry’s chief economist. “We’re recuperating the volume of exports and our levels of investment, which fell dramatically during the crisis. We’ve been working intensely to rebuild the economy and it’s now paying off.”
