Peru:2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Peru

Author: International Monetary Fund. Western Hemisphere Dept.

Peru: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Peru

Volume/Issue: Volume 2023 Issue 123

Publication date: March 2023

ISBN: 9798400238673

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , International - Economics , inflation expectation , CPI National , inflation in Peru , BCRP estimation , Peruvian authorities , macroeconomic performance , Policy advice , Inflation , Public sector , Currencies , Global

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Summary

Against the background of a strong economic performance over the last quarter of a century, Peru has been hit by multiple shocks in the last several years. Adequate policies and very strong policy frameworks have made the economy resilient. Following a steep decline in 2020 at the outset of the pandemic and a rapid recovery in 2021, growth slowed significantly in 2022 as the policy stimulus was withdrawn and external and financial conditions deteriorated. Recent political developments suggest that the new government needs to work across the political spectrum to create broader political consensus, reduce uncertainty, ease social tensions, and boost growth.