The rate of growth of the Peruvian gross domestic product (GDP) is likely to be around at 5 percent in the first quarter of 2014, Peru's private pension fund association (AAFP) said Monday.
The first quarter' expansion would be fueled by the increasing country's domestic demand and the economic recovery of United States, Japan and some European nations.
Luis Valdivieso, AAFP's President and former Peruvian Economy and Finance Minister, noted the GDP increase is expected to be higher than the ones recorded in January (4.23 percent) and February.
Furthermore, he forecasted the Andean nation's economy is likely to record a 6 percent jump this year, within a context of more encouraging news on the worldwide economy.
"We have seen some economic downturn in the first quarter, but there are prospects for improvement," Valdivieso said in statements to Andina news agency.
He added, "the Peruvian economy is expected to soar 6 percent in 2014 if we make the things right and if the world's development does not play an adverse role."
Likewise, the AAFP's head highlighted the positive impact of higher raw materials' prices in economies such as Peru, which has solid fundamentals, low inflation and a sound financial system.
"Europe, Japan and the United States have already a less negative outlook. Several European countries are successfully emerging from the financial crisis while others are doing their best to get on track and coming out of it," the businessman said.