Peru has achieved the highest average economic growth rate among the Latin American nations in the Asia-Pacific Economic Cooperation (APEC) group. From 2001 to 2023, Peru’s GDP grew at an average annual rate of 4.1%, outpacing Chile at 3.3% and Mexico at 1.5%. This growth also exceeded the combined average of all APEC economies, which stood at 3.8% during the same period.
The APEC group includes 21 member economies: Australia, Brunei Darussalam, Canada, South Korea, Chile, China, the United States, the Philippines, Hong Kong, Indonesia, Japan, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, Russia, Singapore, Taiwan, Thailand, and Vietnam.
These figures were highlighted by Julio Velarde, president of Peru’s central bank, during a panel discussion at the APEC CEO Summit in Lima. Velarde attributed Peru’s impressive growth to its constitutional and legal framework, which fosters foreign direct investment from any country.
Velarde noted that Peru’s constitution safeguards investment and property rights, prohibiting discrimination between domestic and foreign companies. He also pointed out that Peruvian law allows citizens to hold money in any currency without restrictions, and the government is legally barred from imposing capital controls.
Another key factor behind Peru’s sustained growth has been its low inflation rate. Inflation stood at 2.01% in the 12 months through October 2023. The central bank reported that Peru has maintained single-digit inflation since February 1997, marking the longest period of low inflation for any Latin American country. Velarde explained that Peru’s historical struggles with hyperinflation taught its society the importance of responsible monetary policies.
Looking ahead, the central bank has forecasted Peru’s economy to grow by 3.1% in 2024 and 3.0% in 2025. These projections follow a contraction of 0.6% in the country’s GDP in 2023.
| GDP (nominal) | Capital | Head of State | Head of Government | GDP (nominal) per capita | GDP (PPP) | GDP (PPP) | GDP (PPP) per capita |
|---|---|---|---|---|---|---|---|
| Peru | Lima | Dina Boluarte (Female) | Gustavo Adrianzén | 264.636 | 7.669 | 548.465 | 15.894 |
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