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• The economist, who specializes in macroeconomics and globalization, argued that our country has a significant opportunity as a producer of critical minerals, but to capitalize on it, it must differentiate itself, strengthen its legal framework, improve its infrastructure, and develop an appealing narrative to attract investment.

Lima, May 26, 2026.African economist Dambisa Moyo, a member of the British House of Lords and one of the world’s most influential voices on macroeconomics and globalization, stated that Peru has the opportunity to “change its history” and turn its mineral wealth into a platform for sustainable progress, in a global context marked by deglobalization, artificial intelligence, the energy transition, and growing competition for capital.

During her presentation in the SIMPOSIO – XVI International Mining Meeting, organized by the National Society of Mining, Petroleum, and Energy (SNMPE), Moyo analyzed the main challenges facing the global economy and geopolitics, with a particular focus on the role that countries producing critical minerals—such as Peru—can play.
The expert noted that the world has entered a phase of slower economic growth following the 2008 financial crisis and the 2020 pandemic. In this context, she explained that double-digit growth rates—or levels close to 6%—which emerging economies like Peru’s achieved in previous decades, will no longer be easily attained.

“For a country to double its per capita income in a single generation, it needs to grow at a sustained rate of at least 3% annually, and Peru has been maintaining growth around this threshold,” she said. However, she added that this goal will become increasingly challenging in an international environment marked by higher inflation, geopolitical tensions, and slowing global growth.

Moyo argued that, despite this challenging scenario, two major supercycles will shape global investment in the coming years: artificial intelligence (AI) and the energy transition. Regarding the first, she noted that AI has the potential to transform global productivity, reduce costs, and generate new economic opportunities. Regarding the second, she pointed out that electrification and sustainability will present a significant opportunity for countries producing critical minerals.

However, she warned that these supercycles also pose risks. Regarding artificial intelligence, she mentioned its potential impact on the labor market, particularly the disappearance of jobs tied to routine tasks. She also warned of structural trends such as the demographic crisis, declining educational quality, inequality, and rising migration—factors that are fueling greater political and social instability worldwide.

Regarding copper specifically, Moyo argued that current high prices represent an opportunity for Peru, but they should not lead to complacency. “Peru cannot afford to rely solely on copper or assume that demand will last forever. It needs to change its trajectory, strengthen its legal stability, improve its education and infrastructure, and build its own narrative capable of convincing investors to take risks,” she said.

Moyo also stated that the current context requires us to look to the lessons of the past. “History repeats itself,” she said, comparing the shocks of the 1914–1929 period—world war, pandemic, and economic depression—with recent events: the global financial crisis, the pandemic, and the current tensions leading to war. As she explained, the world could face decades of international economic friction, amid deglobalization and more intense competition for capital.

In that scenario, she argued that attracting investment will become increasingly difficult, as capital is becoming more regional, more cautious, and more nationalistic. Therefore, she asserted that Peru must differentiate itself from other nations competing for the same financial resources, and even though it may be difficult, it must work within a regional bloc to achieve this.

Finally, Moyo emphasized that Peru’s challenge is not only to sell copper but to transform its mining potential into development, competitiveness, and resilience in the face of a more fragmented world. To achieve this, the country must act with a long-term vision, strategic humility, and the ability to adapt to technological, economic, and geopolitical changes.

Photos available at the following link: https://flickr.com/photos/195630249@N08