Paraguay

Paraguay is one of only two countries in South America without direct ocean access (along with Bolivia). This geographic isolation shaped a distinct national identity, centred on the Guaraní language — spoken by the vast majority of Paraguayans, making it one of the few countries in the world where an indigenous language is truly a dominant national tongue alongside the colonial language. The national identity is deeply Guaraní-mestizo, and this cultural continuity sets Paraguay apart in the region.

The Itaipú Dam, shared with Brazil on the Paraná River, is one of the world's largest hydroelectric power plants and generates virtually all of Paraguay's electricity — with enormous surplus sold to Brazil and Argentina, making energy exports a major revenue source. Paraguay has also become a significant agricultural exporter, particularly of soybeans and beef, as large-scale farming has transformed the eastern region. The country has one of Latin America's lowest tax rates and has attracted growing foreign investment, though it continues to struggle with corruption, inequality, and relatively weak state capacity.