Peru economy speeds up, net international reserves $61.310 billion
Staff Writer |
Peru's GDP will expand 3.7% this year if the presidential impeachment does not go through, the Economist Intelligence Unit (EIU) predicted.
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"Our GDP growth projection of 3.7% has not changed. However, this forecast suggests the opposition will not get enough votes to impeach President Pedro Pablo Kuczynski from office," EIU Research Analyst Abhijit Surya expressed.
According to calculations, the opposition (in Congress) has 86 of the 87 votes needed for the presidential impeachment to go ahead, although there is a high risk that President Kuczynski's continuation in office would be decided by a few votes, he said.
"The opposition may gain votes from APRA, Accion Popular, Alianza para el Progreso members and independent lawmakers, but we cannot rule out further desertions from Fuerza Popular, taking into account 12 members of the Kenji Fujimori group have left the party," he said.
This way, The Economist Intelligence Unit will consider two factors before making adjustments to its economic projections:
- President Kuczynski's testimony to the Congress' Lava Jato Commission and,
- The stand of First Vice-President Martin Vizcarra (whether he resigns along with President Kuczynski or not).
Peru's net international reserves, which help the country preserve economic and financial stability, amounted to $61.310 billion as on March 13, Central Reserve Bank of Peru (BCR) reported.
According to BCR's Weekly Economic Report, reserves were mainly made up of liquid international assets.
This level of reserves is equivalent to 28% of the country's gross domestic product (GDP) and 19 months of imports. ■
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