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Flooding, scandal to slow Peru 2017 growth to 3 pct -finance minister
May 30, 2017 / 10:42 PM / 4 months ago

Flooding, scandal to slow Peru 2017 growth to 3 pct -finance minister

May 30 (Reuters) - Flooding and a wide-ranging corruption scandal will slow Peru’s growth to 3 percent this year, the country’s finance minister said on Tuesday.

Alfredo Thorne, Peru’s minister of finance and economy, said he anticipates growth will rebound quickly, with growth rising to 4.5 percent in 2018 and 5 percent in 2019.

“The weakest part of the (growth) cycle is going to be the last quarter,” Thorne said Tuesday in New York. “I am absolutely convinced we are going to come out of this challenge stronger.”

Before the el nino rainstorm last year and before Brazilian builder Odebrecht acknowledged bribing Peruvian officials over a decade-long period, the government had forecast a 4.8 percent economic expansion for 2017, up from an expected 4 percent last year.

In January, Thorne had predicted growth would be “1 percent” below the 4.8 percent figure.

He reduced that on Tuesday in a presentation to investors and also said that the country had “no plans” to issue more “soberanos,” or local currency debt, but would be launching a Euroclear bond next month. (Reporting by Dion Rabouin; Editing by David Gregorio)

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