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President Vizcarra: Peru's economy has been recovering month by month

Photo: ANDINA/Archive

15:00 | Lima, Sep. 16.

The President of the Republic Martin Vizcarra on Wednesday highlighted the fact that Peru's economy has been recovering month by month, as evidenced by the rate recorded last July (-11.71%), after having hit the bottom in April (-39.93%) due to the COVID-19 pandemic.

"We also see that the economy has been recovering month after month," he expressed.

The Head of State pointed out that GDP fell deeply last April, after the Government declared a state of emergency and quarantine in mid-March, with the aim of countering the spread of the novel coronavirus. The nationwide quarantine was extended thru June 30.

As is known, national GDP registered negative growth rates in March (-16.66%), April (-39.93%), May (-32.72%), June (-18.06%), and July (-11.71%).

"March was affected and saw a 16% decline in the economy. It neared -40% in April, but the recovery began from there (…)," he indicated.

According to projections by the Economy and Finance Ministry, the country's GDP will stand at -12% in 2020.

Likewise, the top official explained that —while the numbers of daily COVID-19 cases and deaths have begun to decline— the economy has started to improve.

"As our Economy Minister (Maria Antonieta Alva) has said, the challenge for next year is that Peru recovers from the fall, so that the economy can grow 10% in 2021," he added.

The President also stressed that an important factor in the economic recovery is investment, adding that the Government is taking the necessary measures to encourage private investment and generate confidence among investors.

Remarks were made during a meeting with representatives of the Association of Municipalities of Peru (AMPE), the Network of Urban and Rural Municipalities of Peru (Remurpe) and the National Assembly of Regional Governments (ANGR).

The event took place at Lima Convention Center.

El presidente @MartinVizcarraC, junto al titular de la PCM, @WalterMartosR, y ministros de Estado, sostiene reunión con gobernadores regionales (ANGR) y alcaldes provinciales y distritales pertenecientes a la AMPE y a la Red de Municipalidades Urbanas y Rurales (Remurpe). pic.twitter.com/SDgQc1h58W
— Consejo de Ministros (@pcmperu) September 16, 2020