LatinNews Daily - 28 August 2020

* Peru’s economy & finance ministry has revised down its GDP growth projections for 2020, forecasting that the country’s economy will contract by a total of 12% this year. Economy & finance minister María Antonieta Alva noted that this would be the worst annual performance since 1989, following a 30.2% year-on-year contraction in the second quarter, as a result of the coronavirus (Covid-19) pandemic. Alva further reported that the country’s fiscal deficit is projected to rise to 10.7% of GDP this year, from 1.6% in 2019, while public debt is set to rise from 26.8% of GDP to 35.4%. She promised a “rapid recovery of the Peruvian economy in 2021”, but the 10% growth forecast for next year means the economy won’t return to its pre-pandemic level until 2022 at the earliest.

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