on Wednesday highlighted Peru's macroeconomic response to the coronavirus pandemic, adding that credit growth in the midst of the COVID-19 crisis is an expression of Peruvian economic success.
"The rate of
credit to the private sector in normal times was at 6% to 7% per year, and (thanks to the macroeconomic response) it climbed to 18% per year, something unprecedented in previous crises," he added.
Likewise, the official affirmed that government support to grant credits to the private sector remains in force.
"This
Transition and Emergency Government has rescheduled these credits with State guarantee. Thus, that element of notable growth of credit to the private sector in the midst of crisis is an expression of Peru's economic success," he remarked.
New engines
On the other hand, the minister said that it is impossible to make a leap in Peru's economic growth without the generation of new engines.
"We already know how to grow,
keep inflation stable and
public finances healthy, but we have been (relying) on the same economic growth engines for a long time, and it is impossible to take a leap without new engines," Mendoza indicated.
"When you look at Peruvian history, we do not know if planned, or by chance, the new economic growth engines have not emerged from cross-cutting policies linked to institutions, human capital, education or health," he added.
The Cabinet member explained that there are economic activities which were successful due to sectoral policies, such as the cases of mining and agro-exports.
(END) CNA/MVB