OECD: Latin America should follow Peru’s example for economic growth

Economist Christian Daude of the Paris-based Organization for Economic Cooperation and Development (OECD) said Latin American countries should view Peru as an example for economic growth, state-run news agency Andina reported.

“Peru is going to grow considerably more, especially among the big economies in the region, and if all of Latin America grew like Peru is doing, it would be much better for the region,” Daude said.

He said that while the region is better off than previous years, there are still many differences between the economic structures and political economies of each country. Daude added that Peru’s main challenge is to attract investments for sustainable growth.

Peru’s GDP grew by about 1 percent in 2009 as a result of the global financial crisis. International and national analysts have estimated it will recover in 2010 and expand between 5 and 6 percent.

The head of monetary policy at Peru’s Central Bank, Jorge Estrella, said Peru’s growth will largely be sustained by private investment over the next few years, Andina reported.

He added, however, that if Peru’s human capital is developed, the economy could grow by 6 or 7 percent annually over the next 10 or 15 years.

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