PPK’s aim is true

17 October 2016 By Martin Langfield

New President Pedro Pablo Kuczynski combines business nous with patrician polish, a mashup of Argentina’s and Brazil’s leaders. Unlike them, though, he inherited a copper-fueled economy that leads the region in growth, giving him leeway for reforms and the fight against poverty.

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Peru's GDP is expected to grow by 3.9 percent this year, according to the U.N. Economic Commission for Latin America and the Caribbean, more than any other of the region's larger economies. The commission also predicted on Oct. 12 that the economy of Latin America and the Caribbean overall will contract 0.9 percent. Growth this year is expected to contract 1.8 percent in Argentina, 3.4 percent in Brazil and 8 percent in Venezuela. Mexico's economy is expected to grow 2.1 percent.

Peru's Congress on Sept. 29 voted overwhelmingly to give centrist President Pedro Pablo Kuczynski 90 days to legislate his initial batch of economic reforms, clearing the way for higher corporate taxes and a lower value-added tax rate. The measures, which also include overhauling the state bidding agency Proinversion, are aimed at broadening the tax base and bringing more economic activity out of the informal sector, while boosting infrastructure projects and reining in the country's fiscal deficit.

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