By Thierry Ogier and Nancy Areco
Paraguayan economy: High hopes
Paraguay’s new president has vowed to end the economy’s dependency on commodities. Making that happen won’t be easy
There is a new mood on the streets of Asunción,
Paraguay’s capital, and it’s a happy
one for foreign investors.
Horacio Cartes, the business magnate who was sworn in as
president mid-August, has so far had little trouble convincing
investors that he means business when it comes to reforming the
country’s creaking economy.
But effecting change in a poor country that has long been
plagued by corruption and inefficiency is likely to prove
tougher than managing his 20-odd private businesses.
The administration’s priority is to diversify
the economy, helping end abrupt swings in the economic cycle
that come from a dependency on agricultural exports.
"The president has the firm intention to generate a greater
diversification of the economy," Germán Rojas, the
Paraguayan finance minister tells LatinFinance in an interview.
"The required business environment is being set up to attract
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.