Peru has once again proven its macroeconomic strength built in recent decades with fiscal responsibility and discipline, which allows it to face one of the strongest global shocks of the current century and —in turn— is the
External markets
These better outlooks are based on the recovery of international markets —especially China and the United States— which acquire Peru's export products. This is linked to the expectations of improved consumption in their economies given the start of vaccination against COVID-19.
"Looking forward, I see that there are sectors in which the Peruvian economy has many meeting points with global demand,
particularly China. In that sense, we see that the outlook for the coming year is positive," he stressed.
According to the
Central Reserve Bank, metal mining GDP in the country will go from contracting this year (-14.1%) to registering an expansion of 14.4% in 2021 and then moderating to an increase of 4.8 % in 2022.
The issuing entity also estimates that
private investment will decline 20% this year. However, for the following year, it estimates a growth of 17.5%, supported by a 29% expansion of mining sector investment.
In this sense, it should be noted that
Energy and Mines Minister Jaime Galvez announced that mining investment in Peru will close 2020 at US$4.2 billion, adding that it will increase to US$5.4 billion in 2021.
Higher expense
Another factor to boost the Peruvian economy next year will be increased public investment, as pointed out by Economy and Finance Minister Waldo Mendoza.