The International Monetary Fund (IMF) says Uruguay’s economy will grow 3 percent this year, followed by a 2.5-percent increase in 2015, less than the 5.6 percent seen over the last decade.

The country grew 4.4 percent last year and has gone for 13 years without a recession.

“Uruguay is an open, small economy, so it will be affected by external factors and by its two closest neighbours,” said Oya Celasun, chief of the IMF’s mission at the country, referring to Argentina and Brazil.

The economist quoted worldwide problems for emerging economies behind the smaller growth predictions, but praised the country’s economy, although she added that inflation and public spending should be strongly watched, calling for public deficit not to expand beyond 2.5 percent of GDP.

Date: December 15, 2014

Source: http://www.buenosairesherald.com/article/177260/imf-uruguay-will-grow-less