Peru Launches Economic Package Amid Worries of Slowing Growth

Peru's finance ministry on Thursday unveiled an economic package it says can help lift the economy at times of a global slowdown and falling copper prices, which are key to the country's economy, Reuters reported. Finance Minister Kurt Burneo said the measures could boost gross domestic product growth by 0.6% this year and by 0.8% in 2023. The announcement comes just weeks after Peru's finance ministry announced economic growth projections that exceeded analysts consensus. The ministry expects GDP growth of 3.3% this year, while analysts polled by Refinitiv forecasts 2.6%. The cost of the incentive package, much of which still needs to be approved by Congress, totals 3 billion soles, Burneo said. The package includes incentives for private investors, including in mining exploration, as well as heavier public spending. Peru is the world's No. 2 copper producer and falling prices of the red metal are hitting tax coffers after record revenue in 2021. Peruvian President Pedro Castillo came to office last year with a far-left platform that spooked investors and sent the country's sol currency to record lows. Read more.