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

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  • International Monetary Fund

Abstract

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.

Suggested Citation

  • International Monetary Fund, 2022. "Paraguay: 2022 Article IV Consultation-Press Release; and Staff Report," IMF Staff Country Reports 2022/177, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2022/177
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=519691
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    Cited by:

    1. Iana Paliova, 2024. "Challenges of Bulgaria‘s Fiscal Policy towards Green Transition in the European Union," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 27-49.
    2. Iana Paliova, 2024. "Fiscal Consolidation and Growth Effects of the EU Funding During 2021-2027 in Central and Eastern Europe," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 90-111.

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