Peru is expected to be the fastest-growing economy in Latin America and the Caribbean this year, the International Monetary Fund said in its world economic outlook report Tuesday.
According to the latest study from financial entity, the Andean nation’s Gross Domestic Product (GDP) will see growth of 5.5 percent in 2014, while next year it will rise 7.3 percent. Thus, the Peruvian economy is set to be the top performer in the region, followed by Bolivia and Colombia.
Indeed, the report says this year’s GDP growth forecast for Bolivia and Colombia will be at 5.1 percent and 4.5%, respectively.
Furthermore, the financial entity noted Peru will have the second lowest inflation, after Colombia, with 2.5 percent within the target range (1%-3%) set by country’s Central Reserve Bank.
Meanwhile, Brazil's growth forecast was cut by 0.5 percentage points to 1.8 percent for the rest of 2014, due to "domestic restrictions in the offer -especially in the infrastructure sector- and the ongoing weakening of private investment," the IMF said.
The Mexican economy is forecast to grow 3.0 percent this year, picking up to 3.5 percent in 2015.
Overall, the IMF says the global economy strengthened at the end of 2013. It forecasts global growth of 3.6 percent this year and 3.9 percent in 2015.