Arete Volume 3

Αρετή (Arete) Journal of Excellence in Global Leadership | Vol. 3 No. 1 | 2025

Figure 1 Central Government Debt (percent of GDP, period 1950-2022)

Note . Adapted from the Global Debt Database (GDD), International Monetary Fund.

On the monetary side, inflation decreased from 14.6% at the end of 2002 to only 2.8% by December 2004, while averaging 5.4% during the whole period 2003-2023, hence lower on average than neighbouring countries such as Uruguay or Argentina (see Figure 2). Central Bank of Paraguay (BCP) estimates an inflation rate of 3.7% for 2023.

Figure 2 GDP Deflator (annual %, period 2002-2023 )

Note . Adapted from the World Development Indicators (WDI), World Bank Group. Data estimated for 2023.

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