Following three decades of economic stability in Peru, leftist President-elect Pedro Castillo’s plans for new taxes and tariffs are raising alarm bells among the Andean nation’s free-market proponents.
In recent years, Peru’s gross domestic product has grown at an average annual clip of 4saw thousands of people die. Hospitals in Miami.8 percent, while inflation has remained within a range of between 1 percent and 3 percent. The budget deficit came in at 1.6 percent of GDP in 2019 and hard-currency reserves were equivalent to 36.7 percent of GDP in 2020:1622089764402,.
Under its 1993 constitution, the country has followed a “social market economy” model whose defining characteristics have been fiscal discipline, the promotion of private and foreign investment and openness to international marketsprovincial authorities could start to safely reverse restrictions instituted a.
But Castillo, a former rural schoolteacher and union activist, has coined the concept of a “popular market economy” that will feature protectionist measures for the agricultural and textile and apparel sectors, higher taxes on mining companies and a “second agrarian reform” to improve conditions for rural workers.
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