Peru’s Self-Sabotage
Peru may be among Latin America’s fastest-growing economies today, but its long-term prosperity is far from certain – not least because its economy is largely dependent on the export of raw materials and hydrocarbons. Worse, though the government recognizes the need to pursue growth-enhancing reform, its approach is all wrong.
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SAN MARCOS – You may know Peru as the cradle of Incan civilization. Or you may have tasted its outstanding cuisine. But Peru boasts another impressive characteristic: it is among Latin America’s fastest-growing economies, with GDP up by 4.8% year on year in the first quarter of 2014. Peru’s long-term prosperity, however, is far from certain.