IMF projects Peru’s GDP to be fastest growing in region

The International Monetary Fund is projecting that Peru’s economy will expand by 7.5 percent this year, making it the fastest growing economy in the Western hemisphere, state news agency Andina reported.

Chile’s economy is expected to grow the second fastest at 5.9 percent, followed by Paraguay at 5.6 percent. Uruguay’s GDP is projected to expand by 5 percent, Colombia and Mexico by 4.6 percent and Brazil and Bolivia by 4.5 percent.

Ecuador and Venezuela will post growth of 3.2 percent and 1.8 percent, respectively.

The average growth for South America will be 4.8 percent, while Central America is expected to register a 4 percent increase and North America 2.9 percent.

In 2012, the IMF forecasts Peru’s GDP will continue to be the fastest growing with a 5.8 percent jump.

Peru was one of the world’s fastest growing economies in 2010 at over 8 percent thanks largely to high commodity prices that boosted its mining sector.

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