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Peruvian economy would grow 2.6% this year, sustained by its exports, predicts the World Bank

Peruvian economy would grow 2.6% this year, sustained by its exports, predicts the World Bank

The world Bank estimated in his report “Global Economic Prospects” that the annual growth of the Peruvian economy will be 2.6% for 2023 and 2024. This advance will be driven by exports and the expansion of production of copper. However, in terms of trade with other markets, they are expected to weaken as metal prices fall.

In this line, the study indicates that the expansion of consumption will be supported by massive withdrawals of early pensions and stimulus measures aimed at maintaining the standard of living despite high inflation. On the political side, uncertainty due to protests and mine closures could affect investment.

It should be noted that the World Bank, in June 2022, lowered the growth estimate for Peruvian GDP for this year from 2.9% to 2.6%, a projection that is currently maintained. On the other hand, the Central Reserve Bank (BCR) expects growth of 2.9%; while the Ministry of Economy and Finance (MEF), one that oscillates between 3.1% and 3.9%.

For 2024, the expected growth rate is the same as this year: 2.6%.

Emerging economies

On the other hand, by the end of 2024, GDP levels in emerging and developing economies will be approximately 6% below what was expected before COVID-19. However, global inflation is expected to moderate and remain above pre-pandemic indicators.

For his part, for Latin America In the US and Caribbean, growth is expected to slow to 1.3% in 2023 before recovering to 2.4% in 2024.

Source: Larepublica

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