BY JOACHIM BAMRUD
“During the next five years we can easily have growth of 6.5 percent annually,” he told the Business Future of the
With Caterpillar Chairman and CEO James Owens among the guests, Garcia also predicted a good outlook for the company. “Caterpillar tractors will continue to sell significantly in the country,” he said.
STRONG FIRST QUARTER
Despite presidential elections coming up, officials are now reducing stimulus programs to avoid overheating, Garcia said. The elections are scheduled for April.
The strong growth outlook comes as
Somewhat surprising, he also praised his predecessors – Alberto Fujimori and Alejandro Toledo - for implementing successful economic policies, although he criticized Fujimori for lacking democratic policies.
Garcia also predicted that the foreign direct investment stock in
Last year, FDI reached $4.8 billion, according to the central bank, which estimates it will grow to $5.3 billion this year.
Among foreign investors boosting their presence is
EXPORTS UP, POVERTY DOWN
Garcia also predicted that exports would reach $80 to $90 billion annually by 2021. That compares with $26.9 billion last year and an estimated $33.2 billion this year, according to
He also predicted that poverty will fall from 34 percent today to 12 percent in 2021. Already,
Garcia’s optimism is shared by local and foreign investors. Although one presidential candidate, Ollanta Humala, raises some concern, he trails behind two other candidates that espouse continued pro-market policies, they point out.
A poll published by El Comercio newspaper Sunday showed Keiko Fujimori (daughter of Alberto) with 22 percent support, while
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