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World Bank Economist Reports on Peru's Bright Economic Future

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Marcelo Giugale took part in the World Bank study 'An Opportunity for a Different Peru'

© World Bank

(LIP-ir) -- When senior World Bank economist Marcelo M. Giugale was interviewed by Andres Oppenheimer and asked which countries would be the economic stars of Latin America over the next 20 years, the first country Giugale mentioned was Peru.

According to an article published by Andres Oppenheimer, he was surprised to hear that Peru had been chosen first and even confirmed Giugale's answer by incredulously asking, "Peru?".

In his article, Oppenheimer explains that when economists talk about Latin American countries with bright futures, the first answer is usually Chile because of its steady growth the past two decades and its reduction of poverty from 40 percent in the '90s to 15 percent today.

He stated that those he interviewed might also mention Brazil as a favorite "bright spot" in Latin America. Despite the fact that it is a giant country slowly moving towards modernity, "it is raising high expectations because of its sheer size, and its leftist government's generally sound economic policies," explains Oppenheimer.

Despite the fact the Chile and Brazil may be favorites for other economists, senior World Bank economist Marcelo M. Giugale stated, "Making predictions for the next 20 years is somewhat risky, but I would look at countries like Peru."

In the report some of the following information is mentioned:

• Peru's economy has been growing at about 6 percent a year for the past six years, a longer period of steady growth than most countries in the region.

• Poverty has fallen from 54 percent of the population in 2001 to about 44 percent, according to official figures.

• Inflation is at about 2.8 percent, one of the lowest rates in the region.

• Exports have risen at an average annual rate of 24 percent since 2001, including an 18 percent annual rise in nontraditional exports, mostly agricultural goods and textiles.

• Foreign direct investment has soared from $810 million in 2000 to $3.5 billion last year.

The Oppenheimer Report

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# Splaktar says :
2 November, 2007 [ 17:39 ]

Great news!  All I ever hear anymore is what a great market Brazil is, but rarely do I hear anything about Peru.  I'm glad to see Peru getting some positive attention finally.

# Dale says :
2 November, 2007 [ 20:15 ]

Now how are we going to get the Peruvians to start acting like winners. Last year I created an internship program for a well repected university here and volentered my time and gave them all my ideas which they conceeded was worth a considerable sum of money as it was focused at international business students who were to be independent businees people upon graduation. Since I was a private individual but had given them the whole program they could not use it...I finally pressed the issue...You conceed the program is brilliant I am charging you nothing for my services so what is the problem??????????? Well Mr- _____   we need to partner with another organization SO THAT IF SOMETHING GOES WRONG WE HAVE SOMEBODY TO BLAME...........If that is a leading university giving that spineless answer you can just about figure what the rest of what is supposed to be Peruvian leadership is all about............  

# Robert Conant says :
4 November, 2007 [ 18:02 ]

I am regular reader of Andres Oppenheimer. He gives many good examples of how the competition is going between geopolitics and emerging markets around the world visavis South America's performance. But I was beginning to wonder what it would take for his observations to fall on Peru and not only Cuba, Venezuela and the big three of Brazil, Argentina, and Chile.

A point to consider about the make-up of winners: Peru has yet to acknowledge to itself that it won its 20-year war against terrorism but it will, and if, and I'll bet it does, control or win its chosen fight against drug trafficking, we'll be soon writing about Peru's cockiness.

# Luis Style says :
20 December, 2007 [ 15:29 ]

I must say I am really impressed and happy about peru's economic performance. These are the kind of results that peruvians have been waiting for since Independance!!!! ahora finalmente nuestro pais va a salir adelante y el progreso va a beneficiar nuestro pueblo.  viva Peru!!!!!

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