LatinNews Daily - 31 August 2021

* Peru’s ministry of economy and finance (MEF) has raised its GDP forecast for 2021 from 10% to 10.5%, predicting that the country will see one of the world’s highest rates of year-on-year economic growth in 2021 and 2022. The forecast was published in the MEF’s ‘multi-annual macroeconomic framework’ (MMM) – a yearly publication that outlines growth expectations for the following four years. The MMM predicts that economic dynamism will continue into 2022, forecasting GDP growth of 4.8% for that year driven by increased private spending, exports, and the recovery of foreign demand, “in the context of better control of the [Covid-19] pandemic and the mass vaccination of the population.” It then predicts an average of 4.1% growth from 2023-2025. The strong growth forecast for 2021 would nonetheless fail to recoup the losses suffered in 2020, when GDP contracted by 11.1% as a result of the pandemic.

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