Former Uruguay Bank Chief Who Beat Inflation Pivots to Growth.

Diego Labat, the former central banker of Uruguay, is now seeking to boost the country's economic growth as the finance chief if the ruling coalition is re-elected in October's election. Labat believes that Uruguay should aim to grow at least 3% to 3.5% per year, with potential for higher growth if certain conditions are met. He emphasizes the importance of increasing private investment, implementing predictable regulations, maintaining healthy public finances, and opening the economy to more competition. Candidates from various political parties agree that reviving growth is crucial for funding the welfare state and addressing inequalities in Uruguay. The upcoming election will feature 11 parties, and if no candidate wins an absolute majority, a runoff election will be held in November. Labat, who recently resigned as chairman of the central bank, joined the campaign of National Party presidential candidate Alvaro Delgado. Labat warns that the approval of a social security reform plebiscite could lead to spending redirection and potential tax increases. [Extracted from the article]