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Posts Tagged ‘crisis

U.S. Congressman Hinojosa Visits Peru, Calls Support for FTA to Ride Global Economic Crisis

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U.S. Congressman Rubén Hinojosa (D-TX) meets with the Peruvian President Alan Garcia., as Andina reports via a video (in Spanish).

During his stay, the Congressman made a statement to the press calling to support the Free Trade Agreement between the U.S. and Peru to increase commerce, investments, and generate employment opportunities in Peru and also in the U.S. to ride through the current global economic crisis.


Written by Catherine Castro

December 14, 2008 at 11:23 am

Great Article in The Economist: Preparing For Tougher Times; Credit Suisse Conservative 4.5 Percent GDP Growth in Peru

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economist_logoThis is the title of a great article in today’s Economist print and online issues that provides an economic overview and outlook of Latin American countries, including Peru, and puts the region’s economy in perspective as it rides the U.S. and global economic crisis. The article begins saying:

In the five years from 2004 Latin America’s economies grew at an annual average rate of over 5%, inflation remained generally low, credit expanded and exports boomed. All this meant that the proportion of people living in poverty fell from 44% in 2002 to 33% this year, according to an estimate this week by the United Nations Economic Commission for Latin America and the Caribbean. Now the task facing the region’s policymakers is to limit the damage as the world economy deflates.

Highlights include:

  • GDP estimates in 2009: Brazil 4%, Mexico 0.4%. And as mentioned in my earlier post, Peru is expecting to grow at least 6% according to government estimates.
  • The two main factors contributing to Latin America’s downturn are: a) Continuing steep fall in commodity prices because of worries that China’s economy is stalling. Commodities, from Venezuelan oil to Peruvian minerals, Argentine soya and Brazilian iron ore and orange juice, make up a big chunk of the region’s exports;  and b) Banks in Latin America have turned cautious. Many foreign banks are cancelling credit lines to the region, or renewing them for shorter periods or at higher rates.

Additionally, Credit Suisse just released a report for Latin America, where Peru is slated to show the highest growth in the region, although takes a conservative 4.5% GDP growth, as Bloomberg reports.

Written by Catherine Castro

December 11, 2008 at 12:15 pm

Peru Leads Employers’ Hiring Intentions Global Survey for First Quarter 2009

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According to a survey conducted by research firm Manpower, Peru leads the #1 position in the world in terms of employers’ hiring intentions for Q1 2009 with a score of 24%. Costa Rica and India were in second and third place with 19% and 18%, respectively.

Despite the current financial crisis, Peru has become one of the most attractive countries for investment. In Peru, the financial services industry shows the largest percentage (46%), followed by the transportation and public services industry with 30%.

The lowest scores belonged to Singapore with -31%, followed by Ireland with -12%, and Spain and Italy both with -9%.

On March 10, 2009, results for Q2 2009 will be announced.

For more information and to read the full report, click here for an El Comercio article.

Written by Catherine Castro

December 9, 2008 at 9:37 am