Changing the Narrative Paraguay


Market Report


Paraguay is rapidly shedding its “unknown wonder” status, with surging tourism, rising investment and sweeping regulatory reform reshaping its economic outlook. As infrastructure improves and the gambling sector opens to competition, Paraguay is positioning itself as one of Latin America’s most intriguing emerging markets - offering fresh opportunities alongside persistent structural challenges.


In just one year, Paraguay has changed its narrative from being defined as one of South America’s least visited countries to the country with the highest tourism growth Over the last four years, the country has seen


just over a million tourists annually and generated US$766m in tourism revenue in 2024. It has been ranked alongside Guyana and Suriname as the least visited country in the region and is often described as the ‘unknown wonder’ due to its lack of outstanding tourism attractions. In fact, it has just one UNESCO World Heritage Site (the Jesuit Mission settlement ruins). Its land-locked location, bordered by Argentina,


Bolivia, and Brazil, is not as appealing as other South American coastal countries, whilst it lacks direct flights from some major hubs. However, last year saw an unprecedented surge


in international tourists, with 1.8 million arrivals between January and November 2025 generating US$1.27bn in revenues. Te top four visiting tourists came from Brazil, Chile, Bolivia, and the US.


Tis is an 84 per cent increase on the same


period in 2024, although not yet back to pre- pandemic figures of around four million annually.


192 Part of the increase has been linked to the


hosting of the FIFA Congress, World Rally Cham- pionship in Itapua, and the Junior Pan American Games held last year. Te Games in August saw more than 10,000 visitors arrive and generated an economic windfall of US$23m for the tourism industry. In addition, the capital city, Asuncion, has be-


come a hub for MICE, hosting more than 236 major events last year. Better air connectivity has also been key to


tourism development, and a record 1.28 million passengers came through Silvio Pettirossi Inter- national Airport last year. Currently, the airport has non-stop flights to 17


destinations in nine countries. New regional routes have been established to Salta, Cordoba, and Bue- nos Aires, whilst seasonal direct flights have been strengthened to coastal hubs such as Rio de Janeiro and Punta del Este. Air Europa also boosted its service from Madrid to Asuncion to a daily service with plans to increase it further this year by eight per cent. Although neighbouring Brazil and Argentina


focus on mass tourism and see around six million tourists annually, Paraguay is considered auth-


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