The Peruvian government acknowledges that the economy is not recovering and decrees ten measures

With the entry of four new ministers, under Dina Boluarte’s government, the Executive has approved an urgent decree regarding economic and financial matters.

While readings on Peru’s recession situation this year suggest that the country’s economy is most likely to experience the expected ‘rebound’ in 2024 —following a tragic 2023, where GDP contracted to levels not seen in decades— the new head of the Ministry of Economy and Finance (MEF), José Arista, prefers to be more cautious.

Despite economic expectations for the end of 2023 projecting a recovery of the country’s economy, this has not been observed, leading to an impact on economic actors, with the main emphasis on the most vulnerable sectors, as the growth of Gross Domestic Product, levels of private consumption, private investment, and employment have been reduced.

Thus, after a 2023 with various plans to reactivate the economy —such as the 25 measures of the Unidos Plan—, in an extraordinary edition of the official newspaper El Peruano, the government has approved an urgent decree with ten initiatives in ‘economic and financial matters for local and family economic reactivation’, which include advancements to other proposals previously announced.