LIMA, Dec. 3 (Xinhua) -- Peru's gross domestic product (GDP) per capita grew 3.8 percent from 2002 through 2009, Peruvian Economy and Finance Minister Liu Carranza said Thursday.
Noting that this represents a record high growth in the past seven decades, he said that Peru's economy is "reverting and reaching the per capita level of many countries in the region."
He made the remarks at the release ceremony of "Doing Business 2010," the seventh in a series of annual reports issued by the World Bank. The reports examine regulations worldwide that enhance or hinder business activities.
Carranza said that at the beginning of 2000, Peru's GDP per capita was 50 percent lower than Brazil, but now the gap is 20 percent, so is the case of Mexico and Colombia, with the gaps narrowed to 10 percent and 7 percent respectively.
Peru has succeeded in keeping inflation rates lower than world average and maintaining a stable environment for development. Asa result, public debt in Peru has reduced by 25 percent within nearly 10 years, comparing with 60 percent at the beginning of 1990, he said.
This enabled Peru not only to yield positive data records, but also acquire a low volatility in the market, thus reducing possible turbulence of the relative prices,
"In other words, it helps lower interest and long-term accessible rates, which has a fundamental impact in private investment," Carranza added.
Source: xinhuanet.com/
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