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Tag: recession

Germany overtakes Japan as the world’s third most powerful economy

Germany overtakes Japan as the world’s third most powerful economy Germany overtakes Japan as the world’s third most powerful economy

Germany has displaced Japan as the third most powerful economy in the world at the end of 2023. According to official data from the Japanese statistical agency, the Asian country registered a contraction of 0.1% in the last quarter of the year, accumulating two consecutive ones. Already in the third quarter, Japan had registered a […]

BBVA: GDP will fall 0.4% in 2023 and there will be a 2% rebound in 2024

BBVA: GDP will fall 0.4% in 2023 and there will be a 2% rebound in 2024 BBVA: GDP will fall 0.4% in 2023 and there will be a 2% rebound in 2024

He BBVA Research has revised its growth projection for the Peruvian economy downwards. Thus, It predicts that 2023 will close at -0.4%, when the previous quarter there was still talk of growth of 0.4%. Along these lines, the 2024 figure was adjusted from 2.3% to 2%. The factors that were considered for this revaluation were […]

Alex Contreras apologizes for not having initially recognized the economic recession

Alex Contreras apologizes for not having initially recognized the economic recession Alex Contreras apologizes for not having initially recognized the economic recession

On the morning of this Monday the 13th, the head of the Ministry of Economy and Finance, Alex Contreras, apologized to the citizens for not having recognized at first that the country was in an economic recession. Furthermore, he highlighted that the current Government “live in a bubble”. “If there was the feeling that one […]

Sales and production expectations for Christmas plummet after confirmation of recession

Sales and production expectations for Christmas plummet after confirmation of recession Sales and production expectations for Christmas plummet after confirmation of recession

In the month in which the Ministry of Economy and Finance (MEF) recognized that the country is in recession, the expectations of local businessmen worsened and reached the lowest levels of January 2023, when the economy was besieged by high social conflict. According to the recent BCRP Macroeconomic Expectations Survey, most indicators of business expectations […]

Merchants expect a 50% drop in sales for Halloween

Merchants expect a 50% drop in sales for Halloween Merchants expect a 50% drop in sales for Halloween

For this Halloween, many merchants maintain an uncertain outlook, and expect to sell only half of their merchandise. In accordance with Roman Nazariovice president of the Mesa Redonda commercial emporium, only 50% or 60% of the level of trade would be reached in relation to last year. Among the reasons behind the negative trend are […]

Juan José Marthans: “A CADE without assigning tasks and responsibilities is useless”

Juan José Marthans: “A CADE without assigning tasks and responsibilities is useless” Juan José Marthans: “A CADE without assigning tasks and responsibilities is useless”

Economist Juan José Marthans, former head of the Superintendency of Banking Insurance and AFP (SBS) and executive president of Globokas Perú, He harshly criticized the Peruvian business sector for being not very “diligent” and having two shortcomings. The first, that they ask for unity in the country, but they are not united among themselves; and […]

Ministry of Economy and Finance rules out granting more bonuses despite recession

Ministry of Economy and Finance rules out granting more bonuses despite recession Ministry of Economy and Finance rules out granting more bonuses despite recession

Although the Peruvian economy is in a recessionthe Executive Branch does not plan to deliver a new bonus focused on vulnerable families that have been affected by the current economic situation and rising prices, factors that have reduced the purchasing power of citizens. The head of the Ministry of Economy and Finance (MEF), Alex Contreras, […]

Alex Contreras: “A strong Niño is the worst risk scenario at this moment”

Alex Contreras: “A strong Niño is the worst risk scenario at this moment” Alex Contreras: “A strong Niño is the worst risk scenario at this moment”

After recognizing a economic recessionthe Minister of Economy outlines more lights than shadows for the remainder of the year and 2024. However, it does not lose sight of El Niño, which will be received with a significant deployment of resources. —Do you consider 2023 to be a lost year? —I would say that progress has […]

SBS: Granting more loans is not going to get us out of the recession

SBS: Granting more loans is not going to get us out of the recession SBS: Granting more loans is not going to get us out of the recession

The Superintendent of Banking and Microfinance of the SBS, Jorge Mogrovejo, explained that, in a context of recession, as is experienced in Peru, microfinance institutions must be more cautious to avoid falling into insolvency. In this regard, he pointed out that with credits we would not get out of this situation, but rather by improving […]

Minister of Labor: “The minimum wage is not enough, but we have to get through the recession”

Minister of Labor: “The minimum wage is not enough, but we have to get through the recession” Minister of Labor: “The minimum wage is not enough, but we have to get through the recession”

The head of the Ministry of Labor and Employment Promotion (MTPE), Daniel Mauratespoke out again about a possible increase in the minimum living wage after days ago he was against this measure due to the economic crisis that the country is going through. “We are going to get out of this recession and we will […]

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