LIMA: Peru’s new President Pedro Pablo Kuczynski has propelled the economy forward in 2016 with restructuring measures such as conducting tax reforms and formalizing informal businesses. Economic forecasts say Peru’s gross domestic product (GDP) will grow by more than 4 percent in 2016, higher than 3.26 percent in 2015 and 2.35 percent in 2014. Julio Velarde, president of Peru’s Central Reserve Bank, recently confirmed the projection, saying the national economy is on track to outperform other regional countries this year. Restructuring measures promoted by Kuczynski since he took office on July 28 have had a positive impact on economic sectors, Velarde said. Kuczynski’s solid experience in business and finance, including working as chief economist for the International Finance Corporation, a member of the World Bank Group, has won confidence from the industrial and financial sectors in the country.