Peruvian economy will grow at a faster rate than Latin America (2.3%), the United States (2.6%), the Eurozone (2.2%), Japan (1.3%), and the world (3.3%) in 2018, FocusEconomics' Consensus Forecast Latin Focus analysts projected.
According to FocusEconomics
' latest report, Peru's GDP will expand 3.7% this year.
The panel notes the Inca country's political situation remains uncertain.
Nevertheless, rising wages and employment gains are expected to spur household spending, while a ramp-up in infrastructure spending will underpin fixed investment.
Likewise, the country should continue benefiting from the recovery in commodity prices, the report reads.
At the regional level, Peru's growth forecast ranks second, only surpassed by Paraguay and Bolivia with 3.8% each.
They are followed by Uruguay (3.1%), Argentina (3%), Chile (3%), Colombia (2.6%), Brazil (2.5%), Mexico (2.2%), and Ecuador (1.7%).
In 2019, Paraguay will top the regional ranking with a growth rate of 3.9%, followed by Peru and Bolivia with 3.8% each.
The report also projects Argentina will grow 3.2%, followed by Uruguay (3.1%), Chile (3.1%), Colombia (3%), Brazil (2.7%), Mexico (2.3%), and Ecuador (1.7%).
Moreover, the panel estimated Peru's GDP will expand 3.8% in 2020. They also projected a 3.7% rise for 2021 and 2022.
Above regional average
It must be noted Peruvian economy's growth will remain above the regional average during the next five years, that is above 2.3% in 2018, 2.7% in 2019, 2.8% in 2020, 2.9% in 2021, and 3% in 2022.