Peru’s newly elected president, Pedro Pablo Kuczynski, has pledged to speed up economic growth through a series of reforms. These include, crucially, a push to formalise much of the country’s employment conditions. And as the new government settles in, the country's banks are enjoying the early fruits of their groundbreaking initiative to promote financial inclusion.
Informal work is a major concern in Peru. Despite some improvements, Peru’s National Centre of Strategic Planning forecasts that by 2021 – the bicentenary of the country’s independence from Spanish rule – a massive 58% of the population will still be engaged in informal work. This represents only a modest improvement from the 64% registered in 2013 and 75% of 2004. The Organisation for Economic Co-operation and Development has also warned about the low formalisation rate in the country.
