Can Peru become a member of the OECD by 2021?

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Peru’s new president, Pedro Pablo Kuczynski (PPK) said in his inaugural speech as president that by 2021 Peru will be a member of the Organization for Economic Co-operation and Development (OECD), also referred to as “the club for rich countries” in which Chile and Mexico are the only member in the region.

The OECD provides a forum where governments can work together to share experiences and seek solutions to common problems. The organization works to understand what leads to economic, social and environmental change. Measure productivity and global flows of trade and investment and sets international standards on a wide range of public policy issues.

Can it be achieved?
Peru currently participates in “Program Country”, a tool established by the OECD used to support emerging and dynamic economies, like Peru, in the design of its reform and to strengthen their public policies. However, to comply and participate in the program does not guarantee a country’s entrence.

Previously, the former Minister of Economy, Alonso Segura said that “ideally sometime next year (2017) the OECD will make the decision to invite Peru; and if so, the process should not take more than two years [to finalize], because much of the work has being done.”

It should be noted that the OECD identified four key challenges for the country:

-The decentralization process requires changes to the tax system and funds transfer, attributing regional governments a greater role to establish improved public services.

-New and innovation policies that favor the diversification of the economy and the country’s export basket.

-Incorporate a strategic approach to urban and rural policies, granting a greater role for regional governments and strengthen collaboration between the central and regional government.

-Improved statistics and information databases to enhance the quality of public policies.

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