Place Credit Reports Paraguay Order
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Economy Overview:
Landlocked Paraguay has a market economy marked by a large informal
sector. This sector features both reexport of imported consumer goods to
neighboring countries, as well as the activities of thousands of
microenterprises and urban street vendors. Because of the importance of
the informal sector, accurate economic measures are difficult to obtain.
A large percentage of the population derives its living from
agricultural activity, often on a subsistence basis. The formal economy
grew by an average of about 3% annually in 1995-97, but averaged
near-zero growth in 1998-2001 and contracted by 2.3 percent in 2002, in
response to regional contagion and an outbreak of hoof-and-mouth
disease. On a per capita basis, real income has stagnated at 1980
levels. Most observers attribute Paraguay's poor economic performance to
political uncertainty, corruption, lack of progress on structural
reform, substantial internal and external debt, and deficient
infrastructure. Aided by a firmer exchange rate and perhaps a greater
confidence in the economic policy of the DUARTE FRUTOS administration,
the economy rebounded between 2003 and 2005, posting modest growth each
year.
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