Economy and Finance Minister David Tuesta on Wednesday said the current administration's target is to achieve economic growth of at least 5% through 2021, as well as greater efficiency in spending, investment, and support for the productive sector.
The first Council of Ministers session
—led by Cesar Villanueva— addressed the economic situation and how to reduce downside risks to the country's growth outlook so as to prevent them from occurring this year.
Second, it was agreed that if things are done well, growth potential can be raised, thus intending to reach an at least 5% growth
rate by 2021.
To do so, he said, the Government will work hard —with emphasis on public spending efficiency— to secure a major investment that revives the economy.
"The productive sector —which is out of habit waiting to see what we do— should realize we are working and facilitating the work of the private sector
, the economy's driving force," he said.
Tuesta affirmed the growth forecast for 2018 was 4%
, thus intending to remain unchanged through 2021.
Also, the Government pledged to execute a fiscal deficit of around 3.5% of GDP by 2021, according to the MEF's Multiannual Macroeconomic Framework issued in August last year.
However, political events occurred after that resulting in economic agents' inaction. Now, the State has to regain its leading role in guiding the market, and uncertainty needs to be reduced.