Peru shows rapid economic recovery after pandemic, according to Central Bank

Peru showed a “fast” recovery of its economy after the COVID-19 pandemic, even if compared to other countries in the region and the world, assured the president of the Central Bank of Reserves (BCRP) this Wednesday, Julio Velarde.

“We recovered very quickly because already in the fourth quarter of 2020, we were almost at the pre-pandemic level,” Velarde assured during his participation in the XXXIII Annual Seminar of the Consortium for Economic and Social Research (CIES).

The official mentioned that, although this “growth (economic) has slowed down”, the recovery was “quite fast” even compared to nations such as Germany, France, and Spain.

On the other hand, Velarde used the occasion to announce that Peru will grow 3 percent in 2023, a figure above Colombia (1.6 percent), Mexico (1.2 percent), Brazil (0.95 percent), Argentina (0.2 percent), and Chile (-0.9 percent).

“This third quarter, we expect a low growth of 1.7 percent, but in the fourth quarter, there will be a recovery, and we will grow close to 3 percent,” he added.

The president of the BCR explained that this projection ratifies Peru’s economic growth trend, even though inflation has increased this year to be above the target range of between 1 and 3 percent estimated by the issuing entity.

He added that although they estimate that inflation will close this 2022 at 7.8 percent, they expect it to “return to the expected range by the end of next year, due to the uncertain situation”.

However, he indicated that “the great fear that existed” when President Pedro Castillo’s administration began in July 2021 has disappeared since “nobody expects a very great radicalism” in government policies.

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