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Moody's: Peru has good conditions to resume economic growth

10:11 | Lima, May. 14.

In the difficult context of the global COVID-19 pandemic, Peru presents a resilient economy that benefits from the fiscal solvency it has achieved, and its GDP growth is expected to go up to 12% in 2021, Moody's Investors Service Vice-President Jaime Reusche affirmed.

"The Government has taken rapid measures to contain the spread of the pandemic," he told El Peruano official gazette.

According to the Moody's representative, Peru has good conditions to resume the positive development path it has taken.

"Although it is the right path, it must be revitalized so as not to fall behind and to regain the macro-fiscal space lost to the crisis in order to cope with the following crises," he stated.

When asked about Peru's economic response to the impact of the coronavirus, he said the economic, fiscal and financial measures adopted by the country —apart from the populist actions adopted by Congress without considering technical criteria— have been appropriate so far.

"Peru's response to this shock was outstanding in terms of the level of coordination among economic institutions, and many of those measures, which were implemented early —such as the economic support to vulnerable families, credit guarantees, as well as liquidity support and tax relief measures— were adopted in most countries," Reusche expressed.

The Moody's officer noted that Peru is the leader when it comes to adopting measures quickly and in terms of coordination of macroeconomic response, thanks to the clear articulation evidenced in the plan.

"Furthermore, Economy and Finance Minister Maria Antonieta Alva is doing an excellent job in communicating the measures and explaining their impact," he concluded.

(END) DOP/WRR/RMB/MVB

Published: 5/14/2020

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Moody's: Peru has good conditions to resume economic growth

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