Peru Wary as China Slows

choi

William Neuman, As a Boom Slows, Peru Grows Uneasy; In a nation used to 6 percent expansion, close to 5 percent produces angst. New York Times, Aug 20, 2013.

Quote:

"Peru's economy grew an average of 6.4 percent a year from 2002-2012 after adjusting for inflation, according to government figures, a remarkable period of sustained expansion that has made it one of the world's star economy. But suddenly growth has slowed here

"The decrease resulted from a drop in demand [for Peru's minerals] in a struggling world economy and a slowdown in China, one of Peru's top trading partners.

"Just as outside factors, like rising metal prices, fueled Peru's boom, similar factors. like the slow recovery in the United States, Europe's economic woes and China's slowdown, are now causing it [Peru] to cool down, he [Miguel Castilla, Peru's economy and finance minister] said.

"Poverty in Peru has been cut by more than half in recent years, falling from 59 percent of the population in 2004 to 26 percent last year, according to government figures.

My comment: There is no need to read the rest.