During the last two decades, Peru saw a noticeable socio-economic progress, an improved well-being and a substantial poverty reduction, thereby contributing to the growth of the middle class, OECD said on Monday.
The presentation was led by Deputy Head of the Latin American and Caribbean Unit at OECD Development Centre, Sebastian Nieto Parra.
"Peru's marked socio-economic growth has stood out over the last two decades, thus lifting a large percentage of the population out of poverty
and expanding its middle class," he said.
Sound domestic policies
According to the report, this progress resulted from combining sound domestic policies and favorable external conditions.
"Nowadays, Peru must embark on the next chapter of its development, expanding social inclusion
, consolidating its middle class and becoming a high-income economy," Nieto pointed out.
In order to become a high-income economy and overcome the so-called middle-income trap, Peru must diversify its economy
, going beyond its dependence on natural resources. Plus, it needs to increase productivity in several sectors.
According to the document, achieving economic and productive diversification, improving transport connectivity, as well as reducing informal employment in the country is advisable to attain inclusive and sustainable growth