Credit rating went from BBB to BBB-. According to S&P Global Ratings, the “fragmented Congress” is one of the stones in the shoe of economic recovery.
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S&P Global Ratings reduced Peru’s long-term foreign currency credit rating from BBB to BBB-, alleging that the political component undermines private sector investment “sentiments.”
According to information collected by Bloomberg, the fragmentation of Congress and the limited political capital of the Government “weigh” on the recovery projections of the Peruvian GDP, to the point that these challenges “represent an opportunity cost for growth.”
These factors “limit Peru’s ability to build fiscal space,” in the opinion of S&P, an entity that expects GDP to recover moderately this year and in 2025 after the 0.55% drop recorded in 2023 — its worst result in more than three decades without counting the pandemic.
The agency indicated that Peru is moving away from investment grade and would move into the “speculative grade” category, so this scenario complicates post-recession expectations.
Among the political obstacles that the country faces is the recent investigation for illicit enrichment of President Dina Boluarte—read, the Rolex case—. Bloomberg called Boluarte one of the most unpopular leaders worldwide.
Trained at the Jaime Bausate y Meza University. In constant learning. Economics is the branch of journalism closest to the people and my duty is to be a bridge to information.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
