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Economy & Business - June 2011 (ISSN 1741-7430)

PERU: Still bullish

Businessmen, as opposed to foreign stock market investors, are taking President-elect Ollanta Humala's claims to be more of a Lula da Silva than a Hugo Chávez at face value. The central bank is sticking to its 6% GDP growth forecast for 2011 while the World Bank is forecasting 6.9% growth. Commercial banks are forecasting that foreign direct investment will continue to flow into the economy. The general manager of the Peruvian bankers association, Enrique Arroyo, forecasts that credit growth this year will be 18%, despite the run up in interest rates.

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