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 industrial investment.”
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