Fin Min: Peru’s middle class up 38.7% in last 10 years

Minister of Economy and Finance Alonso Segura assured that, according to the Inter-American Development Bank (IDB), Peru’s middle class increased by 38.7% over the past 10 years going from 11.9% in 2005 to 50.6% in 2014.

 

There is a clear relationship between economic growth and middle classes, that is why we have requested to be granted the legislative powers, to find better conditions that will help boost the economy,” he said during his speech at the Congress on Thursday night.

 

Like middle class, poverty and extreme poverty have continued to fall throughout these years of government and stood at 23%.

 

“Clearly, extreme poverty fall rate can not be the same in a region (Latin America) facing another reality, where poverty rate on average has started to rise, though not in Peru,” he underlined.

 

Part of this reduction, mainly in extreme poverty, was due to social programs, which “have protected the most vulnerable people”.