LatinNews Daily - 30 August 2023

In brief: Peru’s gov’t reduces GDP growth forecast

*Peru’s economy & finance ministry (MEF) has reduced its GDP growth forecast for Peru this year to 1.1%, down from 2.5% forecast in April. According to the MEF, in the first half of the year, the economy was affected by social conflicts and the El Niño weather phenomenon. However, the MEF stated that the recovery of economic growth, starting in the second half of 2023, will be supported by the improvement in domestic demand, mainly driven by private spending, in line with the recovery of business expectations, dissipation of social conflicts, lower inflationary pressures and more favourable financial conditions; as well as measures to boost economic recovery and address the climate emergency. It expects GDP growth to average 3.1% over the 2024-2027 period.

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