Economy

A dynamic emerging market, Peru has enjoyed a decade of sustained economic growth driven principally by its export-oriented extractive industries, with exports reaching a record $46.3bn in 2011. Even in spite of the global economic crisis, Peru posted positive growth of 0.8% in 2009 and rebounded impressively with 8.8% growth in 2010. The government has begun putting a greater focus on social equality and poverty reduction programmes, supporting agricultural development and restructuring policies on mining royalties. Government reserves and debt are both at healthy levels. Meanwhile, though inflation has been rising, it remains relatively tame compared to previous decades. This chapter includes interviews with Luis Miguel Castilla Rubio, Minister of Economy and Finance; Milton von Hesse, Executive Director, ProInversión; Diego de la Torre, Chairman, La Viga, and President, UN Global Compact-Peru; Alessandro Texeira, Brazil’s Deputy Minister of Development, Industry and Foreign Trade; José Luis Silva Martinot, Minister of Foreign Trade and Tourism; and Muhamad Noor Yacob, Executive Director, Asia-Pacific Economic Cooperation.