Macroeconomic stability and institutional strengthening are pillars of sustained growth,
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BCR's head took part in the panel "Breaking Latin America's Growth Ceiling." This event examined the region's main structural challenges to accelerating economic expansion, at a time when Latin America is growing at around 2%.
Similarly, the discussion addressed the need to move toward more diversified and productive economies with higher investment.
In his remarks, Velarde highlighted macroeconomic stability and institutional strengthening as pillars of sustained growth, as well as improvements in public services and investment in education as a long-term development strategy.
Likewise, he stressed the stability of the exchange rate and Peruvian sovereign bonds even amid volatile scenarios, noting that despite having had nine Presidents of the Republic, Peru's currency has remained largely stable.
The BCR governor further noted that macroeconomic instability—reflected in high fiscal deficits and inflation—has been one of the factors behind Latin America's weaker growth compared with Asia.
Moreover, he underscored that investing in education and strengthening institutions are key to achieving prosperity.
During the session, participants assessed the effects of global geoeconomic tensions and competition among major powers to expand their influence in Latin America—factors that shape investment decisions and affect the performance of emerging economies.
The panel session was moderated by Gillian R. Tett, Provost of King's College, University of Cambridge.
It also featured Brazil's Minister of Management and Innovation in Public Services Esther Dweck; BID Invest CEO James Scriven; Coordinator of the Regional Economic Development and Relocation Advisory Council at Mexico's Presidential Office Altagracia Gomez Sierra; and Bancolombia CEO Juan Carlos Mora.