Peru GDP growth seen at 6.1% in 2014, says UN report

Financial Center, Lima Perú.Foto: Archivo

Financial Center, Lima Perú.Foto: Archivo

14:19 | Lima, Jan. 21 (ANDINA).

Peru will remain one of the fastest-growing economies in Latin America and the Caribbean with forecast growth of 6.1 percent this year and 6.3 percent in 2015, according to a report by the United Nations.

The World Economic Situation and Prospects 2014 (WESP) report shows that Peru will be the second fastest-growing economy in the region over the next two years, only behind Panama, which is expected to grow 6.9% in 2014 and 6.6% in 2015.

Trailing Panama and Peru this year will be Bolivia (5%), Paraguay (4.6%), Guyana (4.5%), Haiti (4.5%) and Chile (4.4 %); while in 2015, they will be followed by Bolivia (5.1%), Haiti (4.8%), Paraguay (4.7%) and Colombia (4.5%).

In regional terms, the WESP report notes that growth in Latin America and the Caribbean is expected to pick up from 2.6% in 2013 to 3.6% in 2014 and 4.1% in 2015.

It explained that this growth will be underpinned mainly by a gradual recovery in developed economies, sound macroeconomic policies, and resilient domestic demand.

However, the report warns that economic growth remains subject to growth in other economies, mainly the Euro area, the United States and China, which is now growing at a slower pace than in previous years.

In 2013, although the region experienced growth, economic expansion was uneven.

South America led with 3.2% growth in gross domestic product (GDP) in 2013, up from 2.5% in 2012, due to a rebound in Argentina and Brazil.

WESP is produced at the beginning of each year by the UN Department of Economic and Social Affairs (UN/DESA), the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions.

A report by the Economic Commission for Latin America and the Caribbean (ECLAC) last December forecast Peru's GDP to grow 5.5 percent this year.


Published: 1/21/2014