According to the capital city’s Chamber of Commerce (CCL), Peru could become a first world country as soon as 2027. However, this will only be achieved if the nation is able to sustain an annual economic growth rate of 6%, estimates the CCL’s Institute of Economy and Enterprise Development (IEDEP).
As stated by IEDEP’s executive director, Cesar Peñaranda, Peru can only earn the first world title with “a political, economic, and public agenda to ensure macroeconomic stability” that will, meanwhile, motivate productivity.
So what needs to be applied?
Peñaranda suggests “government reform, tax and labor,” along with education and health reforms. A “gap of physical infrastructure” can be narrowed by implementing more public resources that focus upon innovation and technology.
Months away from the end of 2014, Peru’s economy is about to close out with a lackluster 3.5% growth rate. IEDEP estimates that even with a 3.9% growth rate, Peru would have to wait 23 years to become a first world country.
Depending on the economy’s annual growth rate, it may be sooner than expected.