TAG: The Americas
Over the last few decades Argentina’s economic history has been characterised by a series of boom-and-bust cycles, which has resulted in sluggish growth and weaker gains in both total and per capita GDP figures.
Presented with two major challenges, Peru's economy has shown substantial resilience to record positive growth in 2017. While the damage caused by the El nino weather phenomenon and the effects of the Odebrecht corruption scandal have represented hurdles, significant public investment has driven a swift rebound. In Oxford Business Group's third OBG Business Barometer: Peru CEO survey, 89% of respondents were positive about local business conditions in 2018, while two-thirds predicted GDP would grow by more than 3% in the coming year, pointing towards a positive near-term outlook.
2017 will be remembered as a mixed year for Peru, and yet despite some challenges, it will serve as the foundation for a considerably optimistic 2018.
The terrible flooding caused by the El Niño phenomenon at the beginning of the year led to the loss of many lives and caused widespread damage to large parts of the country, destroying thousands of homes and leaving key infrastructure, such as bridges and roads, unusable. We will also remember, at least while its effects remain on the political front, the Odebrecht scandal – a corruption case that has affected a number of infrastructure projects both locally and regionally.