October 5, 2003
Alejandro Toledo had plenty to crow about when he addressed the Council of the Americas in New York on a gray September afternoon.
He could have boasted that Peru posted the region's highest economic growth rate last year, and is likely to rank second in 2003. He could have pointed out that Peru's current account deficit has narrowed and that its international reserves are rising.
But Toledo wasn't basking in his economic record. Instead, he said, "We have been a good student, put our house in order economically, but the people are unsatisfied because we haven't been able to translate growth into poverty reduction
Despite Peru's strong economic record, its president is very unpopular and investors are frustrated by his policy indecision.