12:20 | Washington D.C. (US), Apr. 18.
The World Bank Group (WBG) on Tuesday projected Peru's GDP will grow 3.7% this year within a global economic recovery scenario.
While said estimate is a downward revision from its January 4.2% forecast, the multilateral organization places the Inca nation at the forefront of South America's economic expansion.
Likewise, WBG's latest outlook —released today— forecasts the Inca nation's economic growth at 3.8% for 2018, thus maintaining its previous projection.
WBG projections highlight Peru's leadership (3.7%) in terms of growth among South American economies.
For 2017, the global partnership estimates a similar rate (3.7%) for neighboring Bolivia, followed by Paraguay (3.6%), Argentina (3%), Colombia (2.4%), Chile (2%), Uruguay (1.3%), Brazil (0.7%) and Ecuador (0.6%).
Following a six-year slowdown that included two consecutive years in the red (2015 and 2016), WBG expects Latin America and the Caribbean to grow around 1.5% in 2017 before picking up to 2.5% in 2018.
In this sense, WBG Chief Economist for Latin America and the Caribbean Carlos Végh explained such decline was underpinned by the performance of some major South American economies, especially Argentina, Brazil and Venezuela.