Uruguay has made remarkable progress over the past decade. Stable macroeconomic policies and a favourable external environment have permitted brisk growth and the financing of social policies. Substantial improvements in several dimensions of human well-being have occurred during this period, alongside considerable reductions in external risks.
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Measuring Individual well-being: Uruguay and the World
Note: Bivariate regressions are run with the relevant well-being measures as the dependent variable and GDP per capita as the independent variable to estimate a coefficient for the relationship between GDP and the outcome in question. The coefficient is then applied to Uruguay’s actual GDP per capita to produce an expected value for the outcome. Uruguay’s actual well-being outcome is expressed as a ratio of the expected outcome measured in standard deviations. This sample contains 130 countries with a population over a million.