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Peru to keep leading regional growth in coming years: Minister

Lima, capital of Peru. Photo: ANDINA. Sketched by the Pan Pacific Agency.

LIMA, Nov 6, 2020, ANDINA. Economy and Finance Minister Maria Antonieta Alva on Thursday affirmed that Peru will continue to lead South America’s economic growth in the coming years, considering that its national gross domestic product (GDP) is expected to grow 10% in 2021, ANDINA reported.

“Peru and Chile will be the only countries in the region to reach pre-COVID-19 levels in 2022 and will continue to lead regional growth in the coming years,” the government official stated.

“In this improved scenario, we estimate that the Peruvian economy will go from a 12% contraction in 2020 to a significant growth of 10% in 2021 —the highest rate since 1994 supported by the economic measures that are being implemented,” she added.

At the forum “Global and Latin American Leaders,” Alva highlighted the economic plan implemented by the Government, which is allowing the country’s productive activity to recover rapidly.

“The Peruvian Government quickly implemented an economic plan equivalent to 20% of GDP, which uses all available economic policy instruments to minimize the impact of the pandemic on the population and the economy,” she explained.

“The economic plan has been complemented with the reopening of economic activities. They have allowed a rapid economic recovery,” the economy sector’s head added.

The minister noted that Peru’s macroeconomic strengths have been fundamental to support the measures and combat COVID-19.

“These strengths —achieved over time— made Peru a resilient economy, thus standing out among emerging countries,” the minister underlined.

Likewise, the government official emphasized that public investment will help drive economic recovery in the last quarter.

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