Paraguay: 2022 Article IV Consultation-Press Release; and Staff Report

June 21, 2022

Preview Citation

Format: Chicago

Paraguay: 2022 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2022) accessed November 21, 2024

Summary

After two consecutive years of GDP decline driven by external shocks, Paraguay’s economy rebounded in 2021. In 2019, drought and flooding reduced economic growth to -0.4 percent. In 2020, the impact of the pandemic on the secondary and tertiary sectors was partly compensated by a rebound of agriculture and an extensive emergency package, and GDP fell by only 0.8 percent. Growth rebounded to 4.2 percent in 2021, but heatwaves and a severe drought decelerated the recovery and have limited 2022 growth prospects, though a recovery is projected for 2023 and the medium-term. While the loss of agricultural export revenue is affecting Paraguay’s balance of payments in 2022, the external position in 2021 was stronger than the level implied by fundamentals and desirable policies.

Subject: Basel Core Principles, External debt, Financial regulation and supervision, Inflation, International organization, Monetary policy, Prices, Public debt, Revenue administration

Keywords: Basel Core Principles, Data ROSC, Financial asset, Global, Headline inflation, Inflation, Inflation risk, Liability positions vis-à-vis nonresident, Money market rate, PPI coverage, Substantial spending needs, Tolerance corridor

Publication Details

Pages:

69
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/177
Stock No:

1PRYEA2022001
ISBN:

9798400213779
ISSN:

1934-7685

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