Peru Outlook Positive

Peru’s economic outlook appears positive as 2017 comes to a close, despite the year getting off to a rocky start, economist Carlos Aquino said, Xinhua reported. Extreme weather in the first few months dealt a blow to infrastructure and agriculture, yet the economy is on track to grow over 2.8%. “The year began quite poorly ... there was the coastal El Nino phenomenon, with massive flooding that affected cities in the north. Agricultural production fell and infrastructure was damaged,” Aquino said. Losses amounted to some $9.2 billion, according to the Peruvian Association of Insurance Companies. The economist, who also teaches at Lima’s National University of San Marcos, believes investment earmarked to rebuild the affected infrastructure, including highways, housing and bridges, helped reactivate the economy. A sense of optimism soon permeated the economy as “it was said that the reconstruction of the country would spur economic development, with the state spending more money, more public-sector investment and activated construction,” said Aquino.