International perspectives : Perú market outlook 2020/21

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      <subfield code="a">International perspectives</subfield>
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      <subfield code="a">Peru is one of the fastest-growing economies in Latin America. However, in the grip of the global pandemic, Peru has recently experienced an economic downturn due to a combination of external and domestic factors including a contraction in demand for its exports of primary products, in particular mining and fuel exports. Domestically, the execution of public investment projects was below forecast activity, while weatherrelated factors hampered fishing production. The economy declined in the second quarter, contracting by nearly a third as one of the region's strictest lockdowns brought activity to a virtual standstill in April. Public spending, equating to around 13% of GDP is expected to support economic recovery in 2021 with targeted construction investment on ports and infrastructure expected to drive increased momentum. The Insurance market outlook remains stable, partly due to the sector's general ability to withstand international insurance market fluctuations and volatility.</subfield>
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