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Multi-dimensional Review of Peru

Volume 1. Initial Assessment

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Peru has experienced significant improvements in growth, well-being and poverty reduction since the introduction of macroeconomic reforms, economic openness and more effective social programmes in the 1990s. However, the country still faces structural challenges to escape the middle-income trap and consolidate its emerging middle class. This report reviews the main bottlenecks to boost inclusive development and well-being in Peru. These include education and skills, the labour market, innovation, transport infrastructure and logistics, governance and trust in institutions. These dimensions have considerable implications for levels of productivity, inequalities and labour informality in Peru.

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Competitiveness and economic diversification in Peru

OECD Development Centre

Most of the gap in GDP per capita between Peru and the OECD economies can be explained by Peru’s low labour productivity. The few economic sectors in Peru with high labour productivity, such as mining, create only a small number of jobs. Improving total factor productivity will be key for promoting inclusive growth. A national strategy needs to be implemented to take advantage of Peru’s natural resources to capture further valueadded. Upping the levels and quality of investment in research and development, innovation, transport infrastructure and logistics will boost competitiveness and increase efficiency. Continuing to improve the business environment, including contract and competition enforcement and support to small businesses will all help boost confidence and promote sustainable development.

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