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International Monetary Fund. Western Hemisphere Dept.

costs, and electricity production. These factors have been aggravated by the supply shock triggered by the war in Ukraine, given Paraguay’s dependence on imports of oil and derivatives. 4 Staff projects GDP growth at 0.3 percent for 2022, a 4.5 percent rebound in 2023, and 3.5 percent growth over the medium-term. The recent sharp increases in international fuel and food prices exacerbate inflation risks. Inflation is projected to converge back to the authorities’ target of 4 percent by end-2023, but end-2022 inflation would be above the central bank’s tolerance