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Latin American Economy & Business - April 2017 (ISSN 1741-7430)
Peru: Flooded with bad news
Peru’s much anticipated recovery under the liberal economic new government led by the investment-banker turned president Pedro Pablo Kuczynski has failed to materialise. The minority and politically-novice Kuczynski administration got off to very slow start after taking office in late July last year, bitterly disappointing (admittedly-high) local private sector and foreign investor expectations. The country was then hit by two successive major shocks. The first of these was the Odebrecht bribery scandal, which has implicated the last three governments and prompted extreme investor nervousness. The second relates to the unprecedented heavy rains in northern coastal zones of the country starting in December last. Now in their fifth month, the rains, which have spread down as far as Lima province, have has caused over US$3bn in flood and landslide damages, on latest government estimates, and destroyed infrastructure in half of the country’s regions.
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