LatinNews Daily - 13 October 2023

In brief: Peru’s president upbeat on GDP growth forecasts

*Peru’s President Dina Boluarte has told German investors that Peru’s GDP will grow 3.1% in the period 2024-2027. Speaking at an event in the German city of Stuttgart, organised by the Association for Latin America (Lateinamerika Verein e.V.), a business networking platform for German businesses interested in Latin America, President Boluarte said Peru is “a reliable partner in the international arena” citing “an economic policy characterised by macroeconomic discipline, fiscal solvency, and trade openness”. Her government’s projections for 2024-2027 come as Peru’s central bank (BCRP) recently lowered its GDP growth forecast for 2023 from 2.2% to 0.9%, citing supply shocks, low levels of business confidence, and challenging climatic conditions. However, the bank predicted that growth would rise to 3.0% in 2024 due to a “partial reversal” of supply shocks, reduced inflation, and a recovery of internal demand. At the event, Boluarte, who was accompanied by her foreign minister, Ana Cecilia Gervasi, and economy & finance minister, Alex Contreras, also highlighted the “good bilateral relationship” between Peru and Germany. State news agency Andina cites her as saying that Germany is the fifth-largest investor in Peru, as well as its second most important partner in the European Union while bilateral trade amounted to US$1.2bn between January and July 2023.

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