Peru will become a high-income country in 2029 if economic growth per capita (4.6%) remains sustained within the following 11 years, the Organisation for Economic Co-operation and Development (OECD) projected.
Deputy Head of the Latin American and Caribbean Unit at OECD Development Centre Sebastian Nieto Parra said Peru needs to foster greater productivity and increased investment in innovation so that it jumps from an upper-middle-income to a high-income economy
"The country should grow at an annual per capita rate of 4.6%, sustainable over time, to achieve this jump in 2029, which leads to continuing to implement major reforms, such as an innovation policy," Nieto explained.
According to the World Bank Group (WBG), Peru's per capita GDP was US$6,045 in 2016, which places it in the group of upper-middle-income countries.
Low-income economies are defined as those with a gross national income GNI per capita of US$1,005 or less.
Lower-middle-income economies are those with a GNI per capita between US$1,006 and $3,955.
Upper-middle-income economies are those with a GNI per capita between $3,956 and $12,235.
High-income economies are those with a GNI per capita of $12,236 or more.
On Monday, the Organisation for Economic Co-operation and Development (OECD) presented the "Multidimensional Review of Peru: Volume 2. In-depth Analysis and Recommendations" at Lima's Universidad del Pacifico (University of the Pacific).