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The Peruvian economy will grow up to 4.0% in 2022, projects the SNI

The Peruvian economy will grow up to 4.0% during 2022, according to estimates by the National Society of Industry (SNI). The figure is similar to the estimates of the Ministry of Economy and Finance (MEF) that projects an acceleration of between 3.5% and 4.0% of the national GDP for this year.

“We believe that if we apply active growth policies we will reach 4%. It is true that some analysts have said that we are going to grow between 1.5% and even speak of less, we do think that we can be around what the Central Reserve Bank and the MEF may be proposing, “said Antonio Castillo Garay, Manager of Economic Studies of the SNI.

Likewise, Castillo stressed that according to the latest projections made by the International Monetary Fund, Peru will be the third economy with the best performance in the region, only behind Bolivia and Colombia.

Growth in private investment

Private investment will grow 2.0% in the next 11 months, according to the SNI. The figure is more optimistic than the projection of the BCRP that expects a growth of 0.0%.

Likewise, in public investment a growth of 4.5% is expected, while exports would increase by 8.0% and imports by 5.6%.

“We have faith in the terms of trade, the prices of minerals will be maintained and we hope that non-traditional exports will maintain their growth. Not only the agro-export part, which has been successful in several sectors, but also in industrial exports,” Castillo mentioned.

400,000 jobs must be generated this year

In the last two years, the number of underemployment increased by 17.7% and the average wage income only in Metropolitan Lima has fallen to 2015 levels, according to the manager of Economic Studies of the SNI.

In this sense, Peru needs to generate 400,000 additional formal jobs in 2022, the specialist pointed out.

Formal employment needs to be recovered in approximately 100,000 workers, but 300,000 new ones have joined the country’s labor force. We need to generate 400,000 jobs this year alone,” he said.

Finally, to achieve the reactivation of the Peruvian economy, Castillo explained that “three investment shocks” must be generated, the first in public and social management that will allow reactivating and generating investments; the second in the tax and financial sector to achieve greater formalization and job creation; finally, in sectoral policies “that create growth and development”.

Source: Larepublica

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