Peru: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Peru

Volume/Issue: Volume 2022 Issue 137

Publication date: May 2022

ISBN: 9798400209079

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , staff appraisal , inflation expectation , central bank inflation target range , headline inflation , BCRP report , Public sector , Currencies , Loans , Inflation , Global

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Summary

After being hit very hard by the pandemic in 2020, both in terms of health and economic outcomes, Peru experienced an equally strong economic rebound in 2021. A new administration was inaugurated in July 2021 with a program focused on reducing inequality and improving social conditions, but limited support from Congress and lack of cohesion heightened political uncertainty. While real GDP surpassed its pre-pandemic level by 2021, labor force participation and total employment have not fully recovered yet. Poverty increased significantly in 2020 and, despite some improvement in 2021, remains higher than in 2019. On May 27, 2021, the IMF Executive Board completed the mid-term review of Peru’s continued qualification under the Flexible Credit Line (FCL) arrangement.