The World Bank
has projected that Peru will be one of the countries with the strongest economic growth in Latin America and the Caribbean this year, with a forecast of 7.6% growth in 2021.
This was disclosed in the January 2021 edition of the Global Economic Prospects
report, which predicts a 12% contraction for Peru in 2020.
"Growth in Peru is poised to recover to 7.6% this year after suffering one of the region's deepest recessions in 2020 amid a particularly large COVID-19 outbreak (...)," the multilateral organization said.
The World Bank
stated that growth in Peru will benefit from rising copper prices and ongoing easy monetary policy.
Thus, Peru is expected to grow 7.6% this year, followed by Colombia and Argentina (4.9%), Chile (4.2%), Bolivia (3.9%), Mexico (3.7%), Ecuador (3.5%), Uruguay (3.4%), Paraguay (3.3%), and Brazil (3%).
Only St. Lucia and Guyana are expected to have better growth than Peru in 2021, of 8.1% and 7.8%, respectively.
The World Bank reported that the economy in Latin America and the Caribbean is projected to grow by 3.7% in 2021 as pandemic mitigation measures are relaxed, a vaccine is rolled out, key commodity prices firm, and external conditions improve.
"Nevertheless, the rebound will be muted and follows a decade of sluggish growth. In a downside scenario in which vaccine rollout is delayed, with knock-on economic effects, growth could be a more anemic 1.9%," it indicated.