Andina

Peru ranked first in macroeconomic stability in WEF's global competitiveness report

00:00 | Lima, Nov. 12.

Peru is one of the leaders in macroeconomic competitiveness according to the latest World Economic Forum's (WEF) Global Competitiveness Report, said Miguel Jaramillo, senior economist at the Private Council on Competitiveness.

It must be noted Peru scored 100 in the macroeconomic stability pillar, which puts it in first place along with other 32 countries.

According to Jaramillo, this score is the result of a consensus around fiscal and monetary matters, which prevailed in the previous government administrations.

"In the last few years, there has been consensus on economic management, responsible fiscal policy, and monetary policy. This consensus has enabled Peru to be a leader in the macroeconomic (stability) pillar," he told Andina news agency.

However, said consensus was not replicated in other pillars, which is why the Andean nation has seen a fall in the ranking. 

On the matter, Peruvian Institute of Economy (IPE) Manager Diego Macera underscored the country must speed up the ongoing reforms to avoid relegation in comparison with peer countries such as Chile, Colombia, and Mexico.

"When reforms are not carried out, we end up in the same place and the other countries move ahead, which may make it seem like our economy is contracting (...)," he explained.

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Published: 11/12/2019
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