Peru Acknowledges Recession and Seeks Fiscal Stimulus
Peru in Recession, Economy Minister Admits
Peru’s Economy Minister, Alex Contreras, has made a significant statement, acknowledging that the country is indeed in a recession. This marks a departure from his previous stance, where he downplayed months of economic contraction. Contreras, speaking before congress, emphasized the seriousness of the situation and stressed the need for a fiscal stimulus.
A Challenging Situation
The Economy Minister, Contreras, expressed his concern regarding the “difficult” situation Peru finds itself in. He affirmed that there is “no doubt” about the country’s negative growth, signifying a definitive recession. The admission comes after a period of economic contraction, which Contreras had previously tried to downplay.
Seeking a Fiscal Stimulus
Contreras, in his address to congress, made a strong case for implementing a fiscal stimulus. With Peru officially in a recession, he emphasized the urgency of taking proactive measures to revive the economy. This fiscal stimulus aims to provide the necessary boost and aid in the recovery process.
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