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Andean Group - November 2011 (ISSN 1741-4466)
PERU: Gearing up for the global slowdown
Peru is preparing to protect itself from the looming international downturn. The economy is one of the fastest growing in the region, with 7.5% year-on-year growth in August, according to the national statistics agency (Inei). This growth is export-led and heavily dependent on mining exports, which in turn are heavily reliant on international demand. Thanks to the recent mining windfall, the new government led by President Ollanta Humala inherited a comfortable fiscal surplus and a strong balance of payments position, which the new administration can now use to help cushion the economy. Luis Miguel Castilla, the new economy and finance minister, insists that Peru “will not be passive in confronting the economic crisis”.
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