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IMF raises Peru's 2021 GDP forecast to 10%

19:55 | Lima, Oct. 12.

The International Monetary Fund (IMF) predicts that Peru's GDP will grow 10% this year, which suggests it will be one of the fastest-growing economies in Latin America.

According to the multilateral organization, the economic benefits of higher prices for metal exporters, including Peru, could be substantial.

It should be pointed out that back in April the IMF said the Peruvian economy would increase 8.5% this year.

According to its latest World Economic Outlook (WEO), Latin America's economic growth for this year will be 6.3%, half a point above what was considered in July (5.9%), mainly due to the good performance of the commodity export sector.

The report states that Chile will be the fastest-growing economy in the region. It is projected to grow 11% this year, up from the April forecast of 6.2%.

"Other countries in the region such as Colombia and Peru will also grow in 2021, by 7.6% and 10%, respectively, while Central America as a whole will increase 7.7," according to the document.

On the other hand, Argentina will experience a 7.5% growth this year, up from the July forecast of 6.4%.

Despite the overall improvement in the region, the IMF lowered its GDP forecast for Latin America's two largest economies, Brazil and Mexico, to 5.2% and 6.2%, respectively.

(END) VLA/JJN/RMB

Published: 10/12/2021
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