Despite numerous government initiatives conceived over the years to tackle workforce informality in Peru, it remains a major problem that shows few signs of swift resolution. Although the data vary depending on the definitions of “informality”, about 65% of businesses were considered informal as of April 2014. This compares unfavourably to some of Peru’s poorer...
Following the end of the commodities super-cycle that sustained Peru’s economic growth at an average rate of 6.4% per annum since the mid-2000s, the country saw growth fall sharply over the course of 2014. However, this slowdown is widely seen as a temporary lull, attributable in part to delays in some major mining developments, and the government has sought to...
Peru’s overall ranking of 65 out of 144 countries surveyed in the World Economic Forum’s (WEF’s) “Global Competitiveness Report 2014-15” belies some serious weaknesses, in institutional capacity and education in particular, that have prevented the country from climbing further up the table. Despite gaining recognition from the WEF for its “very strong macroeconomic...
In the first half of 2014, the government approved a range of measures designed to support economic activity. These fell broadly into two categories: short-term measures, intended to have a counter-cyclical effect to address the slowdown in 2014, and medium-term measures, expected to improve competitiveness and productivity, and thus raise the potential for growth....
Latin America as a whole has seen average insurance premium growth in the double-digits since 2012, well above the rate recorded in most other regions and outpacing regional economic growth. Even against this backdrop, Peru’s performance stands out, with net insurance premium growth of 15% in 2013, compared to 8% and 11% in Colombia and Mexico, respectively. Gross...
Microinsurance remains a very small part of the insurance industry in Peru, accounting for PEN3.5m-4m ($1.25m-1.43m) in premiums per year, depending on differing definitions of what constitutes microinsurance. The Inter-American Development Bank (IDB) has described Peru’s microinsurance market as “still minute, despite an array of product offerings”, all the more...
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