Our country is considered a good place to do business, and this has been highlighted by foreign publications. This is the case of the American magazine Forbes which, at the beginning of the year, published a ranking in which it analyzed 161 countries and their opportunities for doing business in 2019, placing Peru in third place in South America.
According to the specialized finance and business publication’s ranking, Peru ranks 64th, after Chile (33rd) and Uruguay (58th), and ahead of Colombia (67th), Brazil (73rd) and Argentina (76th).
For all of Latin America, Forbes names the following countries as top destinations for doing business in 2019: Chile, Costa Rica, Mexico, Uruguay, Peru, Colombia, Brazil, Argentina, Dominican Republic, Guatemala, Ecuador and Paraguay, in that order.
Why is Peru in third place?
Forbes points out that Peru's economy is reflected in the varied topography of its regions: a coastline of arid lands, a high Andean zone in the center of the country and the dense Amazon rainforest. Moreover, the publication highlights the range of mineral resources found in our mountainous and coastal areas, as well as the Peruvian sea that offers excellent fishing areas. It should be noted that Peru is the second largest producer of silver and copper in the world.
The magazine also highlights, among several economic aspects, that Peru’s Gross Domestic Product (GDP) up to December 2018 was US$ 214 billion, with growth of 2.5%; GDP per capita is US$ 6,600; and the relationship between the trade balance and GDP is -1.1%.
A country with investment and growth
At the end of last year, the president of the Central Reserve Bank of Peru (BCRP), Julio Velarde, estimated that private investment in our country would grow 6.5% in 2019 and 6% in 2020. According to Velarde, it is estimated that by 2019 private investment will total US$ 42.4 billion and by 2020 it will be US$ 45.7 billion.
Similarly, the Minister of Economy and Finance, Carlos Oliva, has predicted that private investment in Peru will continue to accelerate, reaching a growth of 7.5% in 2019, higher than the 2018 estimate (4.7%). Oliva said that last year eight major projects were activated for about $11 billion dollars, which would boost private investment both in 2019 and the following years. "Investment in new mining and infrastructure projects will support growth in the coming years," he said.