He projected that Peru’s growth will rebound to 2.5% in 2024 and 2.3% in 2025, after a 0.4% contraction in 2023.

In his latest report ‘Global Economic Prospects’ January indicates that the production of the main copper mines is expected to increase, contributing to economic activity.

“Furthermore, with inflation on a downward trajectory, further reductions in policy rates are likely to support growth over the forecast period.”he points out.

However, he points out, the political aspect is a factor that continues to affect consumers and business confidence, hindering investment in projects.

“Although the price of copper is expected to decline modestly in 2024, increased mining production will continue to contribute to total exports”he points out.

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Latin America’s economic outlook suggests a gradual recovery, with projected growth of 2.3% in 2024 and 2.5% in 2025. As inflation declines, central banks are expected to lower interest rates, which will reduce obstacles to increased investment.

At a global level, the report indicates that the World economy is close to beating a “regrettable record” at the end of 2024: the five years with the lowest gross domestic product growth in the last three decades.

Global growth is expected to slow for the third consecutive year, and will go from 2.6% registered last year to 2.4% in 2024that is, almost three quarters of a percentage point below the average for the 2010s.

“Developing economies are projected to grow by just 3.9%, more than a percentage point below the average recorded in the previous decade. After showing a disappointing performance last year, low-income countries will grow by 5.5%, less than expected. By the end of 2024, the population of about one in four developing countries and about 40% of low-income countries will remain poorer than they were before the COVID-19 pandemic. In advanced economies, for their part, it is expected that in 2024 growth will slow down and go from 1.5% registered in 2023 to 1.2%.”he indicates.

Furthermore, growth in East Asia and the Pacific is expected to slow, reaching 4.5% in 2024 and 4.4% in 2025. Growth in Europe and Central Asia would be 2.4% in 2024. and then increase to 2.7% in 2025. While the Middle East and North Africa would rebound to reach 3.5% in 2024 and remain at that level in 2025.



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