The World Bank (WB) named Peru one of Latin America and the Caribbean’s growth stars of the latest 10 years, after having reached an annual average GDP per capita growth of 4.6%.
According to the report titled: “Beyond Commodities: The Growth Challenge of Latin America and the Caribbean,” between 2001 and 2012 Peru achieved an outstanding economic growth thanks to the prices of raw materials and the domestic reforms put in place, as well.
Colombia and the Dominican Republic also rose as fastest-growing economies, the report indicated.
This was informed during a seminar held at the World Bank Headquarters in Washington D.C.
Fat Cows
The document notes the prolonged period marked by high commodity prices -within a favorable international context, a stable macroeconomic environment and reforms to stimulate growth- allowed Latin America and the Caribbean to achieve a GDP per capita growth of around 5%.
Currently, due to the decline in commodity prices, domestic reforms –aimed at reaching growth- could lead to better results when intending to turn the region's progress into a sustainable one, the report says.
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