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Uruguay vulnerable to global economic crisis-IMF
WASHINGTON, Nov 11 (Reuters) - Fallout from the global economic crisis and stubbornly elevated inflation pose threats to Uruguay's economy, and growth will likely slow dramatically next year, the International Monetary Fund said on Tuesday.
The Fund said Uruguay had made good progress in improving its debt profile and had raised interest rates to ease inflation, but more tightening may be needed.
"The Uruguayan economy remains vulnerable," the IMF said in a statement. "In particular, deteriorating global financial and economic conditions pose downside risks to Uruguay's small, open, and dollarized economy.
"A main macroeconomic challenge will be to contain inflation in the face of food and fuel price increases and domestic demand and wage pressures," the IMF said.
The IMF expects economic growth of 5.5 percent in 2009, which would be well off the 9.5 percent forecast for this year. The consumer price index, a measure of inflation, is expected to moderate slightly to 7.4 percent next year from an estimated 7.6 percent this year.
