MercoPress. South Atlantic News Agency

Strong rebound of Peruvian economy in the next five years

Hard-hit Peru is struggling through one of its deepest recessions in decades following months of battling the pandemic and a looming second wave of infections

The economy of Peru, the world’s second largest copper producer, is expected to grow an annual average of 5.1% between 2021 and 2026, the economy ministry said on Tuesday

The economy of Peru, the world’s second largest copper producer, is expected to grow an annual average of 5.1% between 2021 and 2026, the economy ministry said on Tuesday

The ministry held its prior projection for a 10% expansion for this year, the highest rate since 1994, rebounding from an estimated 12% drop in 2020, according to a report prepared by the ministry for presidential candidates ahead of the upcoming April elections.

Hard-hit Peru is struggling through one of its deepest recessions in decades following months of battling the pandemic and a looming second wave of infections that is already threatening to overwhelm its hospitals.

The Andean nation’s incoming president must find a way to reignite the country’s sputtering economy while tending to a ballooning fiscal deficit, thanks to stimulus measures implemented last year worth 12% of GDP, the ministry said.

The report highlighted as key issues informal work, the importance of strengthening public finances, and a pension system with low levels of coverage, among others.

The presidential and legislative elections will be held on April 11. The new Peruvian government will take office on 28 July.