From 2005 through 2009 the economy of Uruguay has been one of the fastest growing in South America. It is the only economy in the region that avoided recession during the 2008 and 2009 global financial crisis.

Uruguay has a long history of supporting democracy and free enterprise but has a soft spot for socialist ideals. This is most likely a result of Uruguay’s history. Many see the early 1900s as Uruguay’s golden era. The country was rich from a very favorable market for beef and wool (much of Europe was out of production during the wars).

Uruguay government formation

The government of Uruguay was established in 1830 when Uruguay’s constitution was proclaimed and the first president was elected; five years after Uruguay declared its independence from Brazil and two years after the creation of the State of Uruguay.

1516 Uruguay is discovered by Juan Diaz de Solis Diaz de Solis sails up the large river (which he named Rio de Santa Maria and is currently known as the Rio de la Plata) looking for a passage to the Indies. En route he notices indigenous people on the shore and decides to investigate.

Location: Uruguay is located in South America, between Argentina and Brazil. The border between Uruguay and Brazil follows the natural mountain topography. Uruguay’s west border is separated from Argentina by the Rio Uruguay. The eastern border is the coastline of the Rio de la Plata (a large estuary) and the Atlantic Ocean.