The World Bank Group's (WBG) annual report "Doing Business 2018: Reforming to Create Jobs" has placed Peru among the best Latin American economies in terms of ease of doing business, the Economy and Finance Ministry announced on Tuesday.
The latest Doing Business edition ranks the Inca country in the 58th spot on a global scale and the 3rd position in Latin America. Peru thus stands below Mexico (49) and Chile (55), pushing Colombia (59) down to the fourth spot.
Upper Third
This way, the Andean nation remains in the upper third of the World Bank's most attractive countries to do business.
It is worth noting Peru is the only economy in the region to have improved its position this year despite the severe blow of
Coastal El Niño disasters in the first quarter of 2017.
In this sense, the Kuczynski administration reiterates its growth strategy is geared towards promoting business formalization through the reduction of costs and barriers to formality in the following areas:
(1) Financial: cutting financing costs and increasing the offer of loanable funds for small enterprises (Forpro, factoring, among others).
(2) Investment permits and procedures.
(3) Taxes: lower compliance costs, e-invoice, transaction log, among others.
These are precisely the areas in which WBG's Doing Business poses challenges for the Peruvian economy, and in which the country expects to make progress as the growth strategy is implemented.
(END) NDP/JJN/MVB