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What is the current economic context of Peru
According to the World Bank, in the last decade Peru has stood out as one of the fastest growing economies in Latin America and the Caribbean. Between 2005 and 2014, the average GDP growth rate was 6.1%.
For 2018, the World Bank estimates that Peru’s economy will grow by 3.8%, higher rate than the estimated 2% growth for Latin America and the Caribbean, and above the projected world growth for this year. Also, the World Bank estimates that the Peruvian economy will grow by 3.8% in 2019.
Currently, Peru has achieved sustained economic growth within a stable legal framework, generating an environment conducive to business which has been especially beneficial to micro and small enterprises (MSEs). Today MSEs represent 95% of companies in Peru, thus becoming one of the main engines of the Peruvian economy.
Peru is a privileged country by its geographical location and its abundance of natural resources, which in addition to a policy of commercial openness and a qualified workforce generate great economic benefits and an important competitive advantage in the international arena for MSEs that are established in Peru.
In this sense, in the course of recent years the traditional category of SMEs (small and medium enterprises) has incorporated the micro-enterprises due to their enormous growth, thus establishing a new category: Micro, Small, and Medium Enterprises (MISMEs).