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Possible early presidential elections will have an impact on the country’s economy, the President commented Central Reserve Bank (BCR)Julio Velarde.
“Elections can affect investment decisions, depending on when the elections are held, whether in 2023 or 2024,” he said during the presentation of the inflation report.
Velarde noted that market expectations are that elections will take place in 2024 due to a lack of possible candidates.
“The market is waiting for more than April 2024 because it thinks that candidates they can introduce themselves. Not only (concerns) the electoral calendar, these are also the same candidates, there is a big concern that other candidates would not have enough time to introduce themselves,” he said.
A BCR spokesman argued that for now, the impact would not be very noticeable in investments because it’s still ‘unknown depending on how it is unfold things”.
Impact of the protests
This morning, BCR announced that it cut its growth forecast by 0.01% from 3.0% to 2.9% due to protests that took place last week.
“We reduced the projection increase from 3% to 2.9% due to two factors: growth in October and the marginal effect that these protests have on economic activity,” Velarde said.
The BCR President indicated that the Ministry of Economy’s estimate of daily losses is reasonable as they are not “significant amounts that change the gross domestic product forecast”.
“In these projections We have laid it down for the scenario to calm down this month, if a similar situation arises over the next year, then this is already different, ”he said.
Velarde said that most of the country’s regions, where 70% of GDP is concentrated, have not been hit hard, so there are no major changes in the statistics.
“Obviously this scenario can change, if the scenario of violence continues, obviously there will be a rollback, you can see how it happened in other countries. We hope that most of these violent protests will subside in the next few days or weeks and will not have such a noticeable effect next year,” he added.
He also noted that the situation is currently affecting sectors such as sightseeingwhere a loss of more than $100 million is expected in January due to the cancellation of tourist bookings.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.