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BBVA forecasts growth of the Paraguayan economy and urges greater challenges

The president of BBVA in Paraguay, the Spanish Agustín Antón, predicted today an economic growth for this year of the South American country between 3,7% and 3,8%, a percentage that can increase in the future if challenges such as infrastructure or legal security are overcome.

Asunción, Nov 24 (EFE) .- The president of BBVA in Paraguay, the Spanish Agustín Antón, predicted today an economic growth for this year of the South American country between 3.7% and 3.8 %, a percentage that may increase in the future if challenges such as infrastructures or legal security are overcome.

"We expect a year of solid economic growth around the 3.7% and 3.8%, "Antón told Radio Nacional, adding that next year growth will move with the same guidelines and will be among the best in the region.

" Only the next Peru may have higher growth than Paraguay, we continue to see a country with solid macroeconomic numbers, equilibrium and growth very close to its 4% potential for next years, "he said.

He also predicted for future years growth in consumption and normal loans, around 7%, which in his opinion will be equivalent to a higher welfare.

Antón stressed that to reach higher levels of growth Paraguay must eradicate certain "bottlenecks" that go from education to infrastructure.

"Un The bottleneck is education, training in general from primary to university and professional, Paraguay should make an additional effort to make its growth potential was greater "said.

Regarding the shortcomings in infrastructure, Anton said the Government should" make a big effort on routes, airports, ports, in all that, that improves productivity and the ability to produce any society and economy. "

He also emphasized the need for institutional improvement to provide" more security ". legal framework for foreign investment and thereby transfer the 4% growth barrier in the future.

However, Antón explained the role played in the Paraguayan economy by countries neighbors like Brazil and Argentina, or more distant as China.

"If Brazil grows 1%, Paraguay achieves half a point, neighbors are always an important condition of both Brazil and Argentina, but more Brazil, "he said.

As for China, Antón stressed as a conditioning the agricultural demand of the Asian country, specifically the soybean, reason why he urged a diversification of the local economy.

"The Paraguayan economy must be further diversified and more markets must be obtained, so that the dependency of the neighbors will be reduced", commented.

Last month, the Central Bank of Paraguay (BCP) maintained its estimates of 2017 gross domestic product at 4.2%.

Those projections are somewhat superior International Monetary Fund (IMF), which at the beginning of that month set the growth of the Paraguayan economy at 3.9% for 2017.

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