Peru's 2023 economic growth view cut to 2.5% due to protests

Peru, the world's No. 2 copper producer, is seen posting economic growth of 2.5% this year, President Dina Boluarte said Wednesday, down from a prior forecast as the Andean nation reels from social protests and heavy rains in the country's north.

That would be down from the a prior government forecast in August of 3.5%.

"There has been a negative impact due to the social unrest that has forced us to review growth" forecasts, Economy Minister Alex Contreras said at a cabinet meeting with Boluarte.

"Although there is already a recovery, leading indicators point to pre-pandemic growth levels in April," said Contreras.

Peru's economy has been impacted by nationwide protests following the December 7 removal and arrest of former President Pedro Castillo that left dozens of people dead, upended the movement of people and goods and hurt commerce.