Mario Abdo Benítez (46-year-old) replaces previous president Horacio Cartes, a private sector multi-billionaire who governed from the Colorado Party. Cartes oversaw five years of large economic growth, private sector investment, and large infrastructure projects, mostly in the nation’s capital city.
His election follows transitions of power in Argentina, Brazil and Chile, where conservative or center-right leaders have defeated socialist parties in recent years. The Colorado party has held on to the presidency of Paraguay since 1945 with the exception of an electoral defeat in 2008 by Fernando Lugo, who was impeached and removed from office in 2012.
Most outside commentators expect Abdo Benítez to keep Paraguay on the rapid economic growth path carved out by his predecessor. Even as the much larger economies of Argentina and Brazil have faltered in recent years, Paraguay maintained an impressive average annual growth rate of six per cent.
Abdo Benítez has indicated that he will continue to increase foreign direct investment, and has already deployed his finance minister to seek capital investment abroad. Generally, Paraguayans should expect continued low levels of taxation and pro-growth business friendly policies.
Legislative issues aren’t something new in Benítez’ life since his dad Mario Abdo Benítez was the private secretary for a long time of the Paraguayan dictator General Alfredo Stroessner that ruled the country from 1954 to 1989. The new president has recently tried to distance himself from his father Mario Abdo Sr’s political background, saying that he wants to be called by his nickname rather than the first name that he shares with his late father. «I am not the son of… I am Marito,» he said.
On economic growth, Paraguay has been one of the countries in the southern America that had the most steady growth in the late year; this has been conceivable gratitude to the proceeded with financial growth that found the middle value of 6% throughout the most recent five years. One of the principle purposes behind this growth is an open investment in foundation, which is conceivable gratitude to a multiplying in open obligation levels.
Paraguayan legislative issues for a couple of years has concentrated on keeping up abnormal amounts of investment in the framework, opening employment open doors for the nearby populace.
Some portion of the Foreign direct investment that has touched base in Paraguay as of late is made out of Brazilian business people who settle in Ciudad del Este, a city that speaks to heaven as far as charges and guidelines. But then, the casual economy has likewise developed in Paraguay for certain years through its outskirt with Brazil.