Peru: Keeping the pace

Jan 1, 2013

Interview with Peruvian finance minister Luis Miguel Castilla

LF: Peru's recent growth story has been impressive. What's needed to sustain it?

Castilla: Growth is sustainable, but the automatic pilot will not work any longer. We were helped out by very favorable winds outside our country, with very favorable terms of trade and commodity prices at historic peaks. Given that the world is most likely going to go into a phase of slower growth, we need to undertake a series of reforms to be able to sustain growth. I would place them in four categories.

The first is to improve our productivity, our competitiveness. Our economy has opened up and we have pursued integrating into the world economy, both trade-wise and in terms of the capital account. This obviously entails boosting our productivity, our competitiveness, closing the infrastructure gap, upgrading the skills of our labor force and, in general, sustaining an environment where human capital...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management