Paraguay is basking in a new skyline and the prestige of investment grade, but beneath the glass towers and cranes, many citizens feel left behind. Analysts call Paraguay’s economy stable, pointing to a currency that has barely budged in two decades. But foreign direct investment actually fell by a third to $400 million in 2024, a fraction of what neighboring economies draw. Meanwhile, Asunción’s real estate boom risks overheating. The question is whether it can connect prosperity to people like Jara—through clinics, classrooms, and paychecks that make the boom real at ground level.