Uruguay

Uruguay is one of the countries of the Southern Cone of South America. Colonized by Spain, it was then claimed by Argentina, annexed by Brazil in 1821, but became independent in 1928. After a military dictatorship, and a violent guerilla war, civilian rule was reestablished in 1985 and multiparty democracy in 2004.

It has a well-developed, export-oriented agricultural economy with increasing industrialization. The export economy is now part of MERCOSUR. The population is well educated and there is substantial social infrastructure.

After economic crises early in the 21st century, linked to problems in Argentina and Brazil, Uruguay, with IMF assistance, restructured its external debt, and has returned to an average 8% growth rate since 2004..