Bright future ahead for Paraguay’s economy — MercoPress



Bright future ahead for Paraguay’s economy

Tuesday, October 26th 2021 – 20:05 UTC

Tax revenues are expected to grow around 12% to further feed Paraguay's coffers
Tax revenues are expected to grow around 12% to further feed Paraguay’s coffers

Paraguay’s Treasury Monday forecast economic growth of 4.5% by the end of 2021, it was announced.

Despite the unprecedented optimism, the Ministry of Finance authorities were cautious and kept repeating to themselves and their staff that these projections were to be read with the suffix “COVID permitting,” meaning anything can change overnight in case of a new outbreak of the disease.

Also threatening the positive results were the downspout of the rivers and the historic drought.

Ministry sources said the economic prospects were positive and figures were good at the end of the first two-quarters of 20021 for the Central Bank of Paraguay (BCP). That data in addition to other indicators yielded a projection of a 4.5% growth for the end of 2021.

In this scenario, tax revenues are expected to grow around 12%, which would prove economic activity is recovering.

But the pandemic is not over and the weather situation is not to be overlooked, the authorities believe, and possible variations are already included in the General Budget bill, which will hopefully pass unchanged through Congress.

In the meantime and as if to capitalize on tailwinds, Industri and Commerce Minister Luis Castiglioni has started talks with Qatari authorities to boost bilateral trade and lure attract investments from the Arab country to Paraguay.

Castiglioni Monday posted on Twitter that “I have just finished a successful visit to Qatar, where I met with the Prime Minister, the Minister of Commerce and Industry and the President of the Chamber of Commerce. We started an agenda to boost commercial exchange and attract investments from Qatar to Paraguay!”

Qatar is one of the countries which have donated COVID-19 vaccines to Paraguay.

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