EXCLUSIVE: Peruvian economy could grow by 4.3% next year, breaking target, says finance minister

Panoramic view of Lima from Pescadores beach in the Chorrillos district of Lima on October 27, 2015. REUTERS/Mariana Bazo/File Photo

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LIMA (Reuters) – Peru’s Finance Minister Kurto Bruneo said on Thursday that a new economic package could push Peru’s economy to grow by 4.3 percent in 2023.

“We’re talking about 4.3% (growth rate),” Bruneo told Reuters in an interview. This is a previously unreported figure after the government announced an economic package that he said would boost the economy significantly.

“Results will depend on things like how long it takes Congress to approve our package,” Berneo added.

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Bullish expectations are already based on optimistic forecasts. Peru’s Ministry of Finance said in August that the country would grow by 3.5% in 2023.

Peru is the world’s second-largest copper producer, and Bruneo said he hopes to encourage new mines and expansions. He added that he has been in talks with Newmont Mining (NEM.N) and plans to meet again in hopes of securing the $2 billion Yanacocha Salfros project.

Bruneo has made boosting economic growth a top priority as the global situation slows. He unveiled a package on Thursday that included subsidies, cash transfers and increased public spending.read more

Peru’s economy has also been affected by political turmoil under President Pedro Castillo. President Pedro Castillo campaigned on a far-left platform that upset investors before his presidency.read more

Bruneo himself is a center-left economist who has served as a member of the central bank’s governing board and former deputy economy minister.

He added that the ministry’s current forecast of 3.3% growth this year is “sensible” and could be higher thanks to the initial impact of his economic package.

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Reporting by Marcelo Rochabrun and Marco Aquino in Lima Editing by Matthew Lewis

Our standards: Thomson Reuters Trust Principles.

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