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Fin Min: Increased competitiveness to allow Peru grow at annual rates of 4% to 5%

12:08 | Lima, Jun. 17.

Peru's Economy and Finance Minister Carlos Oliva said increasing competitiveness of the domestic production system is crucial to post GDP growth rates above 4% or 5% in the following years.

"The country's domestic competitiveness must be improved —by adapting various measures— to cope with the problems," he told RPP radio and TV station.

In this sense, the official asserted that if basic problems affecting domestic competitiveness are not addressed, the country will be exposed to global economy's ups and downs.

"This situation should improve with better domestic competitiveness since we have a small economy," he explained.

The Competitiveness Plan —with over 60 measures aimed at addressing the nation's basic problems— will be published in a couple of weeks.

"If these problems are not resolved, it will be impossible to record growth rates above 5% in the future," he added.

Oliva specified that said measures would be published before July 28.

On the other hand, the minister indicated slower growth was already expected in April this year due to a statistical issue. As is known, Peru's GDP grew 0.02% in April 2019.

This is because Peru's economic activity accelerated strongly in April 2018, jumping nearly 8% year-on-year.

(END) SDD/RMB/MVB

Publicado: 17/6/2019