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BCRP revalues ​​growth of the Peruvian economy upwards: 13.2% by 2021

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The Peruvian economy would now grow this year by 13.2%, the president of the Central Reserve Bank (BCRP) said on Thursday. Julio Velarde. It is worth emphasizing that the entity previously projected a rise of 11.9% in GDP at the end of 2021, after a fall of 11.2% in 2020.

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“We are better than any of the six largest countries in Europe, in terms of recovery, at the highest level in the face of the pandemic,” he added.

Along these lines, Velarde emphasized that only Chile surpasses Peru in growth indicators – already 8% above pre-ndemic levels, while Peru barely passes it by 2% – but we are doing better than Brazil, Argentina, Colombia and Mexico.

Likewise, the president of the BCRP said that the fiscal and monetary policies applied since last year have encouraged the recovery of the economy.

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“Such a strong monetary and fiscal stimulus package was applied that we are enjoying it now. It is not just a rebound, it is a consequence of the political actions that were taken ”, he explained at an event organized by the UP School of Public Management.

Agreement

The Vice Minister of Economy, Alex Contreras, added that the operational percentage of economic activity is 99% and few sectors remain inactive to date.

The official points out that in the last four months levels prior to COVID-19 were reached, achieving one of the fastest recoveries in the region in Peru. “We expected to recover pre-pandemic levels in 2022, however, Given the dynamics of the GDP, it is very likely that the figure of 10.5% projected for this year will fall short. We would be talking about a growth of 12.5% ​​with which we would recover pre-pandemic levels”, He stated.

Joint

On the other hand, Velarde pointed out that we are going through “a circumstance of uncertainty” because 15,000 million dollars have come out so far in 2021. “Although the largest outflow has been in the second quarter, if one compares the outflow of capital in May, it was 14 times greater than that of October, that is, to a great extent it is nervous money that went away very quickly ”, he landed.

For this reason, enormous exchange rate pressures and strict interventions were carried out, “but in a prudent way”.

“We have sold more than 10 billion dollars in the spot market and almost 5 billion dollars in derivatives, but even so, the reserves are more than before the pandemic (…) I say this because it is important to have confidence that there are sufficient reserves, for which scenarios such as those that existed in Argentina are almost impossible to occur ”, he concluded.

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