Investment bank JP Morgan said Friday that Peru will be the fastest growing economy in Latin America in 2012, despite the impact of the financial crisis in the U.S. and Europe.

JP Morgan Chief Economist for Latin America, Luis Oganes, said that given the context of the international crisis, it is estimated that Peru's economy will grow 5.5 percent next year.

"This figure, compared to other Latin American countries, allow us to say that Peru will still be the economy that will grow the most next year," he said in statements quoted by Andina.

The world economy has been affected by debt problems faced by several European countries and the United States. Given this situation, the Minister of Finance, Luis Miguel Castilla said that the Peruvian government would monitor the crisis to take all necessary measures.

Oganes explained that investment funds are seeking new alternatives to the international crisis, due to insecurity posed by investments in the U.S. and Europe.

Oganes also considered that Peru has a very good chance of coping well again a second global recession.

"Right now Peruvian authorities are preparing the budget for next year and the market will keep an eye on it to see how expansive or conservative it will be," he noted.

 

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