Uruguay's economic growth is low, needs AI boost: ex-minister

Former Uruguayan Economy Minister Azucena Arbeleche has described the country's economic growth as "low," stating that it is currently "scratching at a potential growth of around 2%."

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We still need to make a leap in economic growth, we are scratching at a potential growth - around 2% - and those are low numbers.

Speaking at an event organized by the Argentine Institute of Financial Executives, Arbeleche asserted that while Uruguay possesses political, economic, and social stability, this is merely a foundation. "We still need to make a leap in economic growth," she said, emphasizing the need for increased investment and productivity. She also pointed to artificial intelligence as a "huge opportunity" for the country.

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We still need to invest and increase our productivity, as well as 'take advantage of the tsunami of artificial intelligence,' which for the country, is 'a huge opportunity.'

Arbeleche addressed fiscal matters, attributing Uruguay's stability to adherence to rules and contracts. She recalled that upon taking office in March 2020, the administration had differences with a contract signed by the previous government with UPM but never considered disregarding it. She also stressed the importance of clear communication, dialogue with the private sector, and maintaining both short-term focus and long-term vision.

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I think another important element has to do with communicating what is being done, with dialogue, with listening to people and the private sector, which ultimately is the engine of growth.

The former minister advocated for national policies that extend beyond a single administration. "If you have a north, if you have a clear vision, you have to look creatively at how to try to maintain that north despite the situation [of the pandemic]," she added, referencing the need to plan for future needs like intensive care units and vaccine purchases, even amidst immediate challenges.

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In this matter of having short lights but also long lights. In this of having long lights, not only must the current emergency be attended to, but also think about the ICUs, and the vaccine purchase.