Paraguay led South American growth over 60 years, president says

President Santiago Peña declared that Paraguay has achieved the greatest economic growth in South America over the last six decades, citing a 1,520% increase from 1960 to 2024 based on World Bank data. He presented this during his management report to Congress, emphasizing a period of constant growth coinciding with the ruling Colorado Party's tenure.

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Paraguay was the country with the highest economic growth in South America in the last 60 years.

Peña asserted that Paraguay is in its best economic moment, with unprecedented foreign investment and a significant number of citizens lifted out of poverty. He pointed to a 6.6% GDP growth in 2025, the highest in 12 years and triple the regional average, marking three consecutive years of growth above 4%. This sustained development, he noted, is unparalleled in Paraguay's democratic history, comparable only to the Itaipú Dam construction era.

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Paraguay is in the best economic moment in its history, we have never had the numbers we have today. We have never had so much foreign investment, we have never had so many Paraguayans out of poverty.

He contrasted the current economic performance with the previous administration, stating his government recovered a growth path that had stagnated, averaging only 1.2% between 2018 and 2022. However, the article points out that Peña's assessment did not fully account for critical periods like the COVID-19 pandemic, which impacted economies globally. While the president celebrated record growth and investment, the report acknowledges that a significant portion of the population has yet to feel the tangible benefits of this economic expansion, with poverty reduction partly linked to statistical adjustments rather than widespread improvements in living standards.

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This is something that had not happened since 2006-2008, when the region benefited from the commodities boom and Paraguay grew less than the average.