Economy & Business - December 2023

PERU | Stimulus package to counter recession. Peru’s Economy Minister Alex Contreras admitted on 20 October that the country had entered a recession but promised it would be limited and mitigated by fiscal stimulus. The central bank is predicting that economic growth this year will fall to 0.9% as a result of adverse weather effects from the climate phenomenon El Niño, lower private investment, and lingering social conflicts. The economy entered a technical recession in the second quarter of this year. In August economic activity fell 0.63% on year-ago levels. Contreras said he was working on various fiscal stimulus measures. At his request congress approved a supplementary expenditure budget worth up to PEN4.98bn (US$1.28bn).

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