Although the economic outlook for the country were not the best until the third quarter of 2020, due to the situation of the pandemic caused by COVID-19, the Central Reserve Bank of Peru (BCRP) specified that the recovery of the Peruvian economy will consolidate faster than expected.
Under such a scenario, the BCRP is of the opinion that private investment will grow 17.5% in 2021, with favorable long-term financial conditions, in which presidential elections will be carried out in 2021 and the vaccines have not been yet confirmed.
Although such commitment on the part of the companies will represent a significant recovery after the economic downturn of 2020, the forecasted rate is lower than the one forecasted last September (20%) as an adjustment has been made in the estimation for non-mining investment.
Meanwhile, business confidence in the economy has continued to recover, within a scenario of reactivation of activities.
Another key factor will be private consumption, which will grow 8.8% in 2021.
Thus, the BCRP increased its forecasted GDP growth for this year, from 11% to 11,594. Meanwhile, the Ministry of Economy and Finance (MEF) estimated that the national production will grow more than 10% this year.
By Sector Projects
In the scenario described, more than 30 investment projects announced by companies in different sectors for this year are shown, thus anticipating initiatives seeking to reactivate the national economy.
In the mining sector, which is a key sector in the country, the execution of seven projects (Corani, Yanacocha Sulfuros, Optimización Inmaculada, San Gabriel, Shouxin Expansion, Chalcobamba Stage I and Pampacancha) will begin, in addition to the commissioning of Mina Justa and investments in Quellaveco and Toromocho.
Meanwhile, in the energy sector, investments from Cálidda and Quavii -Promigas Peru in gas distribution are expected.
In the health sector, there are at least two infrastructure projects. In the retail sector, a new mall will be built, and the construction of two strip centers is expected. In the food and beverage sector, investments in new production lines and new launches are expected.
In the textile and clothing sector, the union promotes the development of a polyester plant, to name some of the private initiatives conducted in various sectors.