The International Monetary Fund released its world economic outlook report today, which stated that Peru’s economy is forecast to be the fastest growing economy in Latin American and the Caribbean for this year, according to the Peruvian news agency Andina.
According to the report, Peru’s Gross Domestic Product (GDP) is expected to grow by 5.5% this year. For 2015, the IMF predicted that Peru’s GDP will grow by 5.8%.
Peru’s strong economy is followed by both Bolivia and Colombia, the GDP of which will experience growth at a rate of 5.1% and 4.5%, respectively. Mexico is expected to see growth at 3.0% and Brazil, 1.8%. Brazil actually saw a decrease in growth by 0.5%, which, according to the IMF, was due to lessening private investment and local supply constraints.
The IMF also stated in the report that Peru is experiencing 2.5% rate of inflation, the second lowest for the region after Colombia.