As the period of contraction of the commodity cycle continues to dampen Peru’s growth prospects, the education sector has become critical to the country’s ability to begin its transition to a knowledge-based economy. In a post-commodity cycle scenario, aligning vocational and technical training with labour market needs is expected to gradually rise to the top of the agenda in the medium term,...
Investment in research and development (R&D) and innovation has been increasing in recent years in Peru, partly as a result of a greater government commitment to science, technology and innovation issues. Spending on science and technology R&D increased by 93.6% between 2011 and 2014. This investment seems to be paying off in terms of institutional development, sector incentives and...
As economic growth has slowed in recent years, weighed down by a combination of volatility and relatively weak demand in the primary and extractive sectors, strength in Peru’s ICT industry has been a constant bright spot. The telecommunications sector has been particularly dynamic, spurred by increased competition, investment and consumer use. The early signs are that these trends have carried...
Thanks to its unique historic and cultural offering, including one of the world’s most exciting cuisines, Peru is the fastest-growing tourism destination in the region. International tourism inflows rose by 7.7% in 2016, according to the “Economic Impact 2017 Peru” report by the World Tourism and Travel Council (WTTC), posting faster growth than anywhere else in the Americas, and above the...
Despite the effects of El Niño in 2017, agriculture’s prospects remain positive. According to the Ministry of Agriculture and Irrigation, projections, the sector is expected to post average growth of 3-3.5% in 2017, with exports projected to increase by 20-25% to reach $6bn. In the longer term, ongoing public programmes to assist small-scale farming should help to ensure that more smaller...
The transport sector will remain a vital aspect of Peru’s economic success, and reducing the current infrastructure deficit is key to sustaining recent positive growth trends. In light of the 2017 flooding crisis, the Ministry of Transport and Communications is now urgently prioritising investment in transport infrastructure so as to restore the minimum conditions for the private sector to...
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