Peru’s Central Bank Chief says it is. After a slow start caused by El Niño floods and corruption scandals, Peru is showing strong signs of recovery.
Julio Velarde, president of Peru’s Central Bank, was quoted by Reuters in a recent interview:
“I think the turning point has arrived…the question is whether the turning point that appears to be taking place will lead to a slower recovery or a faster recovery.”
While thousands have been affected by El Niño floods, many applaud President Pedro Pablo Kuczynski’s decision to avoid declaring a National State of Emergency and opening the doors to reveal the corruption scandals in his first year in office.
Kuczynski admitted in his annual address that he may have underestimated how much the floods and corruption scandals were going to impact the economy and stall major infrastructure projects, yet many major projects are moving forward despite the economic slowdown.
Additionally, business optimism is high among executives not only in Peru but in the Latin America region as a whole.
Velarde believes the economy will grow by more than 4% in 2018, which would be short of the current administration’s previous goals but still a definite sign of recovery.