Peru reduced poverty by 33 points in just eight years

LIMA,PERÚ-NOVIEMBRE 29. Presidente del Banco Central de Reservas del Perú, Julio Velarde, expone en el CADE Ejecutivo 2017. Foto: ANDINA/Luis Iparraguirre

10:22 | Paracas (Ica region), Nov. 30.

Central Reserve Bank (BCR) Governor Julio Velarde affirmed economic growth reduced poverty in Peru by 33 percentage points (from 58.7% to 25.8%) between 2004 and 2012.

"A drop of this nature in such a short period of time is impressive," Velarde said in a speech at the Annual Conference of Executives (CADE-Executives 2017) in Paracas, Peru.

This sharp decline, he noted, resulted in an increasing middle class that —nowadays— is the key driver of economic growth.

"Since 2000, Peru's GDP has grown 126%, namely almost four times faster than that of developed countries," he indicated.

Likewise, he underlined GDP per capita has grown 133% since 1992, posting a very attractive performance.

"We have grown, in per capita terms, faster than in the 1950s and the 1960s," he stated.

Therefore, Velarde called for caution given that poor macroeconomic decisions would affect the Andean country for decades.

Later, at a press conference, he revealed construction sector's strong expansion will not affect growth forecasts for this year as eleven months have elapsed already.


Published: 11/30/2017