Paraguay is a country in South America. Neighboring countries include Argentina, Bolivia, and Brazil. Paraguay lies on both banks of the Paraguay River, which runs through the center of the country. The government system is a constitutional republic; the chief of state and head of government is the president. Paraguay has a free marketA market in which prices of goods and services are affected ... system in which the prices are set by the marketThe commercial activity of buying and selling goods and serv.... Paraguay is a member of the Common MarketThe commercial activity of buying and selling goods and serv... of the South (Mercosur).
Landlocked Paraguay has a market economyA situation in which businesses operate in a free market, i.... distinguished by a large informal sector, featuring re-export of imported consumerAn individual who uses goods and services but who may not ha... goods to neighboring countries, as well as the activities of thousands of microenterprises and urban street vendors. A large percentage of the population, especially in rural areas, derives its living from agricultural activity, often on a subsistence basis. Because of the importance of the informal sector, accurate economic measures are difficult to obtain.
On a per capitaFor each person in the population. Per head. An expression o... basis, real income has stagnated at 1980 levels. The economyThe management of money, currency and trade of a nation. The... grew rapidly between 2003 and 2008 as growing world demand for commodities combined with high prices and favorable weather to support Paraguay’s commodity-based export expansion. Paraguay is the sixth largest soy producer in the world. Drought hit in 2008, reducing agricultural exports and slowing the economyThe management of money, currency and trade of a nation. The... even before the onset of the global recession. The economyThe management of money, currency and trade of a nation. The... fell 3.8% in 2009, as lower world demand and commodity prices caused exports to contract. The government reacted by introducing fiscal and monetary stimulus packages. Growth resumed in 2010, and has been erratic, although positive, ever since. Severe drought and outbreaks of foot-and-mouth disease led to a drop in beef and other agricultural exports. In addition to the agricultural challenges, political uncertainty, corruptionLack of honesty or integrity. Illegal behaviour, such as bri..., limited progress on structural reform, and deficient infrastructure are the main obstacles to long-term growth.
Important Details
- Country ISO3 : PRY
- Country Code : 600
- Income Group : Upper middle income
- Lending Category : IBRD
- Region : Latin America & Caribbean
- Currency Unit: Paraguayan guarani
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO, Mercosur, Unasur
- world rank : 83
- Regional Ranking : 16th in the South and Central America/Caribbean Region
