Peru’s Path Forward: Navigating Political, Economic, and Global Dynamics

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LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

February 27, 2024

Can a New Economy Minister Return Peru to Growth?

José Arista took office earlier this month as Peru’s new economy minister. He faces a struggling economy that last year posted its second-worst contraction in 33 years. // Photo: TV Perú.

Q

  • Peruvian President Dina Boluarte on Feb. 13 named economist José Arista as her new economy minister as part of a wider cabinet reshuffle. Arista, who briefly served as economy minister under former President Manuel Merino, takes over the role from Alex Contreras, who was criticized amid Peru’s economic woes, with key industries lagging and the nation’s economy slipping into recession. What does Boluarte’s selection of Arista signal about her administration’s economic stance and goals? What advantages might Arista bring to the job? What policies could Arista implement to turn around Peru’s flagging economy?

A

Pedro Francke, former Peruvian finance minister: “The appointment of José Arista as economy minister strengthens Boluarte’s alliance with the ultra-right. Arista is very close to Keiko Fujimori’s former 2021 campaign spokesperson, Luis Carranza, and was a minister in the brief administration of Manuel Merino in December 2020. His extensive experience in public management and his closeness to parties that today have great influence in Congress give him strength. After a year of Boluarte’s government, the economy is in recession. The economy shrank 0.6 percent last year, with construction falling 8 percent and industry contracting 7 percent; both are key sectors in the generation of formal urban employment. The fall in internal demand and real wages explain this result, produced by a surge in inflation, a fall in public investment and…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.
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