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Uruguay has reduced its trade openness in recent years, which was boosted in 2020 by the irruption of the Covid-19, causing a substantial drop in external demand, which will explain much of the fall in Uruguay's GDP to 4.1% this year.
The prospects for the Portuguese economy are positive, although the country still has significant imbalances that could slow the pace of recovery if the reforming zeal shown in the past few years is not maintained.
