Fin Min: Peru forecast to grow 4% in 2020 after facing a complicated 2019

18:17 | Lima, Jan. 20.

Peruvian Economy and Finance Minister Maria Antonieta Alva on Monday affirmed that the Government forecasts the country's economy will grow 4% in 2020, after having faced "a complicated year" in 2019, largely due to global economic uncertainty.

Thus, during a meeting with foreign correspondents based in Peru, Minister Alva referred —among other issues— to domestic growth prospects, public and private investment, as well as the international economic outlook following the impacts of the economic dispute between China and the United States.

The review of overall growth figures to 3.3% —made by the International Monetary Fund (IMF)— affected Latin America and the Pacific Alliance countries (Chile, Colombia, Mexico, and Peru).

"2019 was a complicated year, with high global (economic) uncertainty," the dignitary expressed.

Within this context, the cabinet member said forecasts by end-2019 indicated that Peru's GDP posted a growth of 2.2%, due to the fact that its economy was severely affected by supply shocks and an unfavorable external context.

Also, she noted that —despite this lower growth in relation to the 4% projected at the beginning of 2019— "the Peruvian economy is one of the most solid in the region" and relies on macroeconomic fundamentals that have allowed it to face the adverse environment.

Finally, Alva highlighted that national economy showed a recovery during the second half of 2019 driven by domestic demand, supported in turn by private investment and consumption —a trend that will continue during 2020 and allow Peru to once again be one of the economies registering the highest growth rates in the region.

(END) EFE/CNA/MTS/MVB

Published: 1/20/2020

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Fin Min: Peru forecast to grow 4% in 2020 after facing a complicated 2019

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