{
  "title": "Paraguay: Selected Issues",
  "publication": "IMF Staff Country Reports, April 30, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/04/30/paraguay-selected-issues-46839",
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  "summary": "This Selected Issues paper investigates the reasons for the growth pickup in Paraguay and explores the potential for sustainable future growth.",
  "sections": [
    {
      "heading": "Growth drivers and composition",
      "content": "- Growth acceleration over the past 15 years is the combined result of:\n  - a bounce back from the crisis in the late 1990s and the subpar growth of the two decades prior;\n  - a benevolent external environment, the commodity price boom in particular;\n  - improved macroeconomic stability.\n- Composition of past growth:\n  - largely extensive growth coming from capital deepening and increasing labor inputs;\n  - total factor productivity growth has played a bigger role in the most recent years."
    },
    {
      "heading": "Convergence and structural constraints",
      "content": "- Despite strong recent growth, Paraguay has not attained significant economic convergence with advanced economies when viewed over a longer period.\n- Empirical evidence:\n  - strong linkage between GDP per capita and a composite structural indicator such as the World Competitiveness Index;\n  - Paraguay ranked poorly on the World Competitiveness Index.\n- Implication:\n  - identifying and correcting Paraguay’s structural deficiencies that may be hampering productivity growth and capital accumulation will be crucial for sustainable growth."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Agricultural prices, Basel Core Principles, Commodity prices, Credit, Credit booms, Exports, International trade, Money, Prices\n- Keywords: Agricultural prices, commodity price boom, Commodity prices, CR, Credit, Credit booms, credit growth, dollar-denominated credit, Europe, Exports, GDP, Global, IMF staff calculation, IMF staff estimate, ISCR, Paraguay, Western Europe\n\n---\n\n Content in this bundle\n\n- Paraguay: Selected Issues; IMF Country Report No. 19/112; March 29, 2019\n  - Paraguay: Selected Issues; IMF Country Report No. 19/112; March 29, 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Paraguay: Selected Issues; IMF Country Report No. 19/112; March 29, 2019 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "[Markdown version](/en/publications/cr/issues/2019/04/30/paraguay-selected-issues-46839/index.md)",
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    "Published: April 30, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498312318.002",
    "Growth acceleration over the past 15 years is the combined result of:",
    "Composition of past growth:",
    "Despite strong recent growth, Paraguay has not attained significant economic convergence with advanced economies when viewed over a longer period.",
    "Empirical evidence:",
    "Implication:",
    "Subjects: Agricultural prices, Basel Core Principles, Commodity prices, Credit, Credit booms, Exports, International trade, Money, Prices",
    "Keywords: Agricultural prices, commodity price boom, Commodity prices, CR, Credit, Credit booms, credit growth, dollar-denominated credit, Europe, Exports, GDP, Global, IMF staff calculation, IMF staff estimate, ISCR, Paraguay, Western Europe",
    "**Paraguay: Selected Issues; IMF Country Report No. 19/112; March 29, 2019**"
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      "title": "Paraguay: Selected Issues; IMF Country Report No. 19/112; March 29, 2019",
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