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Peru's economy to grow above 3% in 2020, says academician

09:27 | Lima, Dec. 17.

The Peruvian economy will expand more than 3% in 2020 thanks to the increase in domestic consumption and the better performance of decentralized public-private investments, Business School Dean at Universidad Privada del Norte (UPN) Augusto Caceres has forecast.

The officer stressed that Lima, Arequipa, and Tacna are the most competitive regions in the South American country because of their high employment, income, and production rates, which could lead the country's economic growth in 2020.

According to statistics from the Central Reserve Bank (BCR), Peruvian economy rose 2.5% in 2017, 4% in 2018, and is expected to end 2019 with a 2.7% growth rate.

Potential

"We have interesting natural resources in all regions, which should be used as business opportunities abroad, for example, in countries belonging to Europe and Asia," Caceres expressed.

Likewise, he said Peru's economic risk index is low compared to those of other countries.

According to the dean, it is important that governments properly execute each region's budget to unlock important projects and boost the fastest-growing sectors.

"The development of the country must be decentralized and balanced in the coast, highlands, and jungle. However, regions such as Lima, Arequipa, and Tacna could be workhorses to improve the economy of the country," he added.

Competitiveness

Caceres also said that the Peruvian State must work to increase the country's competitiveness, achieving a growth above 6% per year in order to reduce poverty and increase citizens' well-being.

He explained that the idea is to boost domestic demand, making greater private and public investment viable with the purpose of invigorating important sectors such as mining, energy, manufacturing, and infrastructure.

(END) SDD/MVB

Published: 12/17/2019

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Peru's economy to grow above 3% in 2020, says academician

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