Peru’s Castillo says GDP will grow 13% in 2021


LIMA, Nov. 18 (Reuters) – Peruvian Socialist President Pedro Castillo said Thursday at a conference with business leaders that the country’s gross domestic product is expected to rise 13% and exceed expectations in 2021, against a backdrop of strong economic recovery after the pandemic.

“Legal certainty and clear rules will continue to exist, and for this I call on all good businessmen to continue betting on Peru and investing without fear”, Castillo said at the CADE conference, the world’s largest annual trade conference. .2 copper producer.

Castillo has rocked markets and investors since taking control in July with promises to redistribute mineral wealth, sending local soil currency to record highs. But during his months in office, he also moderated his initial positions slightly, appointing a moderate left cabinet in October.

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“Many of you not only doubted me, some voted against me,” said Castillo, who received support from rural voters in mining communities but very few from Lima’s elite.

“Dear businessmen, GDP growth is not enough if it is not accompanied by social protection for all,” he added.

The Peruvian economy fell more than 11% in 2020, one of the sharpest contractions in Latin America, amid strict lockdown measures. But Castillo said this year’s rebound would result in net growth from pre-pandemic levels, echoing comments made by the independent central bank last week.

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Report by Marco Aquino; Editing by Aurora Ellis

Our standards: Thomson Reuters Trust Principles.

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