“It was a perfect storm,” says Benigno López, Paraguay’s minister of finance, of last year’s economic headwinds. A drought, then flood, combination hit production in the agricultural and protein sectors – still two of the most important sectors for the country’s economy, despite a drive for industrial diversification.
The drought also hit production of electricity at the Itaipu hydroelectric dam, the joint project between Brazil and Paraguay that once claimed the world record for water-generated power, at 103.1
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