Uruguay

The government will face pressures from the left of its coalition if lower growth forces austerity measures

Low growth and high inflation will dampen expectations that Vazquez can advance rapidly on election pledges

Expansion will continue, but the woes of Argentina and Brazil will represent a drag this year

The bond issue will guarantee debt payments and financing needs but growth and fiscal prospects are mixed

Vazquez will seek to impose his economic agenda despite a disgruntled left and a weakening outlook for growth

Media groups will resist efforts to increase government controls, which sometimes risk political intervention

Pulp will remain a near-term motor of growth and exports, with other sectors facing competitiveness concerns

Vazquez's fractious relationship with the FA may mar the benefits of his congressional majority