Paraguay leads South America’s 2022 economic growth projections

RIO DE JANEIRO, BRAZIL – According to ECLAC’s Preliminary Overview of the Economies of Latin America and the Caribbean, Paraguay is expected to have the best economic performance this year compared to other South American countries. Regionally, Central American and Caribbean countries have the best forecasts.

In South America, Paraguay’s GDP is expected to grow by 3.8%, followed by Colombia with 3.7%, Bolivia with 3.2%, Uruguay with 3.1%, Venezuela with 3.1% and Peru with 3%.

Further down are the economies of Ecuador with 2.6%, Argentina with 2.2%, Chile with 1.9% and Brazil with 0.5%.

The average growth projection for South America is 1.4%, while Central America and the Caribbean have growth forecasts of 4.6% and 11%, respectively. Overall, Latin America is expected to grow by 2% this year.

Another aspect in which Paraguay’s economic performance stands out is the level of indebtedness with which Latin American economies closed in 2021.

At the country level, Argentina reached a public indebtedness level of 91.1% of GDP, followed by Brazil with 83%, Costa Rica with 74.5% and Panama with 66.5% of GDP.

At the other end are countries with lower levels of public debt, such as Guatemala with 25.9% of GDP, Paraguay with 29.4% and Peru with 31.5% of GDP, the report highlights.

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