Global Banking Monitor

Sunday, September 8, 2024

Stripe employees get to sell $1bn of shares

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HomeBankingPeru's Central Bank Foresees...

Peru’s Central Bank Foresees Economic Shrinkage After Significant Adjustment

By Pete Sadler
Photo by Patrick Tomasso on Unsplash

Peru central bank chief Julio Velarde said the nation’s gross domestic product will contract this year, marking the first time a government official publicly acknowledges the degree of the economic downturn.

The central bank said GDP will contract 0.5% in 2023, compared to September’s forecast for 0.9% growth, a virtually unattainable projection considering the economy has now shrunk for six straight months. Velarde lowered his 2023 inflation estimate to 3.1% from 3.8% on easing food prices.

Read More : Peru’s Central Bank Foresees Economic Shrinkage After Significant Adjustment

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