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This Selected Issues paper explores fiscal consolidation measures that could generate the savings needed to lower debt. In Uruguay, the authorities’ policies, together with a favorable macroeconomic environment, have led to a decline of the public debt-to-gross domestic product ratio to pre-pandemic levels. Short-term risks are low, and debt is sustainable, yet a sequence of unfavorable shocks such as a prolonged increase in international interest rates and a growth slowdown could lead to further increases in debt. The associated primary balances that would be needed to reach a certain debt level would depend on the assumed transition time. Recent initiatives to focus value-added tax (VAT) exemptions and to reduce rates to recipients of social programs are steps in the right direction to reduce tax expenditures and the regressivity of the tax. An analysis of the structure of revenues and spending suggests possible measures to reduce the fiscal deficit. A reduction of energy subsidies and a full implementation of targeted VAT would increase the efficiency of spending and lead to non-negligible savings.

Uruguay

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This 2023 Article IV Consultation discusses that Uruguay showed strong resilience during the coronavirus disease 2019 pandemic, owing to its high institutional quality, strong governance, and the authorities’ policy responses. Scarring effects in real activity and the labor market were mitigated somewhat by the authorities’ well-targeted responses. The authorities’ strong record of accomplishment of implementing sound macroeconomic policies in a challenging environment has improved the country’s resilience to shocks. The economy is expected to decelerate in 2023. Despite external headwinds, tighter financial conditions, and the impact of the drought, growth would be supported by a strong tourism season, increased cellulose production and exports, and robust private consumption as real wages recover. Fiscal policy plans are appropriate for 2023. After the effect of the drought abates, additional fiscal efforts would be needed to put debt on a firm downward path and rebuild policy space. The tight monetary policy stance is appropriate and should be maintained until inflation and inflation expectations have converged to the target range in a sustained manner.

Uruguay

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The effective use of school resources is a policy priority across OECD countries. The OECD Reviews of School Resources explore how resources can be governed, distributed, utilised and managed to improve the quality, equity and efficiency of school education. The series considers four types of resources: financial resources, such as public funding of individual schools; human resources, such as teachers, school leaders and education administrators; physical resources, such as location, buildings and equipment; and other resources, such as learning time. This series offers timely policy advice to both governments and the education community. It includes both country reports and thematic studies.

Education --- Uruguay

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Rodents --- Uruguay

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The effective use of school resources is a policy priority across OECD countries. The OECD Reviews of School Resources explore how resources can be governed, distributed, utilised and managed to improve the quality, equity and efficiency of school education. The series considers four types of resources: financial resources, such as public funding of individual schools; human resources, such as teachers, school leaders and education administrators; physical resources, such as location, buildings and equipment; and other resources, such as learning time. This series offers timely policy advice to both governments and the education community. It includes both country reports and thematic studies.

Education --- Uruguay