Paraguay is a bi-lingual, South American country with a 94% literacy rate. Landlocked between Argentina, Brazil, and Bolivia, Paraguay is also known as "the land of water."
A relatively small country of approximately 157,047 square miles, Paraguay is slightly smaller than California.
Paraguay, with its significant role in South American history, is a present-day tourist destination. The vast terrain consists of grassy plains, forested highlands, and beaches along the many lakes and rivers. And despite having no coastlines, it is home to the world's largest navy among landlocked countries.
Guaran and Spanish customs combine to create a vibrant culture across grassy plains and forested highlands. The growing tech sector is fueled by foreign investments. The country is powered by electricity from the Itaipu Dam, a binational hydroelectric dam run by Brazil and Paraguay. Built on the Paraná River, it is the world's second-largest hydroelectric power plant. Agriculture, retail, and construction drive the export-oriented economy.
The World Bank classifies Paraguay as an upper-middle-income economy with the following trade agreements and alliances: