The Peruvian economy is set to record a growth rate of 5.7 percent this year, while the forecast improves to 6.4 percent for the period between 2015 and 2017, Peru’s Economy and Finance Ministry (MEF) has reported.
Luis Miguel Castilla, MEF’s head, noted these results the Andean nation will remain as top performer in Latin America this year, in terms of Gross Domestic Product’s (GDP) expansion.
The Multiannual Macroeconomic Framework report released by the Peruvian ministry provide further details on the country’s economic stage projected as the most feasible for the next three years, taking into consideration the international context’s horizon.
Moreover, Castilla underlined there are five "key engines" stepping up Peru’s economic recovery, which is expected to record a more intensity pace in the second half of the ongoing financial year.
“The first key regards the gradual recovery seen in the world, in particular in the United States’ market,” said the senior official of Peru’s Administration. “In fact, the country’s non-traditional exports towards the U.S. market have posted a two-digit increase”.
He continued, “A second factor supporting recovery is the startup of large-scale mining projects such as Toromocho, as well as the upcoming development of Las Bambas copper mine and the update of Cerro Verde’s facilities.”
Likewise, Castilla stressed the Ollanta Humala’s administration is due to award between US$ 10 billion and US$ 12 billion in committed investments in infrastructure concessions which have reached financial closure, thus playing an important role in attracting private investors.
"In the next days, the government is scheduled to award projects such as Cusco's US$556mn Chinchero international airport, and the San Martin port in the southern Ica region," the Finance minister noted.
In addition, he said, the fifth factor powering the Andean nation's recovery are both the growing Peruvian middle class and a diversification of the economy aimed at fostering the industrialization process.
(END) RRP/AQR/LOG
Published: 4/24/2014