Paraguay’s Economy Set to Surpass Growth Expectations at 4% in 2024, Says President Santiago Pena

by Nicholas Edwards · 21/08/2024

Paraguay’s economy is forecasted to grow by 4% in 2024, exceeding official estimates, despite challenges in soy exports, according to President Santiago Pena.

Bollywood Fever: Paraguay’s economy is on track to grow at a faster-than-expected rate of 4% this year, President Santiago Pena told Reuters on Wednesday.

This bullish forecast surpasses the official central bank estimate of 3.8%, already one of the highest growth rates in the region.

“We are confident that we are going to have growth above 4%,” Pena stated from the presidential residence in Asuncion, attributing the optimism to strong investment and substantial aid to help farmers ship exports.

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The support measures include deepening waterways crucial for grain shipments, which have been impacted by low river levels.

As Paraguay’s economy continues to boom, Pena expressed confidence that credit ratings agencies such as S&P and Fitch would upgrade the country’s sovereign debt rating early next year.

In July, Moody’s upgraded Paraguay’s rating to investment grade, citing fiscal policy stability and significant state investments.

Pena also revealed that Paraguay is in advanced discussions to join the Organization for Economic Co-operation and Development (OECD) by the end of his current term in 2028.

An economist by training, Pena came to power a year ago with the conservative Colorado party.

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