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Chapter | Capital Markets from The Report: Peru 2019

While the economy has increased three-fold since the turn of the century, capital markets have not proved able to emulate this growth. With trading volumes falling again in 2018, it is clear that markets need to see more dynamic growth in terms of size and liquidity. Efforts to increase penetration should see the high market concentration give way to more diverse participation from individuals and companies of all sizes and sectors. A cornerstones to this will be ensuring the business community and the wider population are made more aware of the financial benefits that capital markets can bring. Looking to the 2020s, question marks remain as to whether Peru will be able to bolster the size and penetration of its capital markets in a way that more closely reflects the scope and dynamism of its economy. This chapter contains an interview with Marco Antonio Zaldívar, Former Chairman, Lima Stock Exchange.

Chapter | Banking from The Report: Peru 2019

The banking crises of the 1980s and 1990s have left Peru with a highly concentrated, conservative banking system that is on one of the region’s most solid foundations, boasting strong capital and liquidity. The sector has retained a positive outlook from global credit ratings agency Moody’s since November 2017, which last reaffirmed this view in October 2018, predicting a recovery in loan growth, stable asset risk and solid profits to bolster capital buffers. However, though domestic lending to the private sector has increased, provision of credit remains comparatively low, at 41.1% of GDP. Furthermore, despite significant progress to increase banking penetration, financial inclusion metrics remain below the Latin American average. If Peru’s financial system truly embraces the digital era, financial inclusion indicators should improve, representing a chance for banks to vastly grow their customer base. This chapter contains an interview with Gianfranco Ferrari, CEO, Banco de Crédito del Perú.

Chapter | Economy from The Report: Peru 2019

Peru has emerged as one of the best performing economies in Latin America. The country possesses strong fundamentals, combining robust growth, a falling fiscal deficit, rising export revenue and a credit rating second only to that of Chile. Nevertheless, challenges remain in terms of ensuring sustainable development. Peru has undoubtedly benefitted from its openness to private enterprise and foreign investment, along with its prudent fiscal policy. Despite issues with corruption, Peru possesses an independent central bank and a well-functioning investment authority. Furthermore, it showed regional leadership in implementing anti-corruption legislation. GDP is expected to grow by 3.7% in 2019 and in 2020, underpinned by infrastructure projects, rising exports and increased investment in mining sector. While the economy is steadily improving, more needs to be done to achieve the country’s development objectives. This chapter contains interviews with Carlos Oliva, Minister of Economy and Finance; and Julio Velarde Flores, President, Banco Central de Reserva del Perú.

Chapter | The Guide from The Report: Egypt 2019

This section includes information on hotels, government offices and other listings, alongside useful tips for visitors on topics like currency, visas, language, communications, dress code, business hours and electricity.

Chapter | Legal Framework from The Report: Egypt 2019

This chapter introduces the reader to the different aspects of the legal system in Egypt, in partnership with Helmy, Hamza & Partners. It also contains a viewpoint with Mohamad Talaat, Managing Partner, Helmy, Hamza & Partners.

Chapter | Tax from The Report: Egypt 2019

In conjunction with RSM, this chapter explores the taxation system and Egypt’s efforts to build an investor-friendly environment. It also contains a viewpoint with Cherif Hammouda, Managing Partner, RSM Egypt.