Peru: Fastest-growing economy in South America


The World Bank projected a 3.7% growth in Peru, which makes Peru the country with the quickest economic growth in South America. How are the other countries doing?

Peru has been putting a lot of effort into creating a more solid economic system. It is one of the main destinations for tourists, exports are rising and bilateral relations with other countries are strengthening. This is shown in the latest report of the World Bank on April 18, which predicts that Peru’s GDP will grow by 3.7% this year. Likewise, in another report “World Economic Outlook”, the World Bank estimates a growth of 3.8% for 2018.

It is worth mentioning that previous studies expected a higher growth, 4.3% and 4.2% for the next two years. The estimated growth was lowered due to the flood damage. Even though Peru's disaster recovery could impact its economy, Peru still has a sound economic performance compared to the rest of the countries in Latin America.

According to the World Bank, Bolivia has a similar GDP growth, 3.7% this year. While Paraguay growth is 3.6% Argentina 3%, Colombia 2.4%, Chile 2%, Uruguay 1.3%, Brazil 0.7% and Ecuador 0.6%. Unfortunately, Venezuela registers a negative figure, -3.1%.