{
  "title": "Peru: 2011 Article IV Consultation: Staff Report; Supplement; and Public Information Notice",
  "publication": "IMF Staff Country Reports, February 1, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/index.md",
  "summary": "This 2011 Article IV Consultation reports that Peru’s activity is expected to decelerate in 2011–12 to slightly below trend while inflation declines toward the target and the external current account deficit remains contained. Short-term risks are markedly to the downside given global uncertainty.",
  "publishDate": "2012-02-01",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Peru’s activity is expected to decelerate in 2011–12 to slightly below trend.\n- Inflation is expected to decline toward the target.\n- The external current account deficit is expected to remain contained.\n- Short-term risks are markedly to the downside given global uncertainty.\n- Once international turbulence subsides, strong growth prospects and abundant international liquidity could increase capital inflows.\n- The fiscal policy focus on undertaking the capital expenditures budgeted for 2011 is considered appropriate.\n- Macroeconomic stability, growth potential, and social inclusion could be strengthened by adopting an ambitious reform agenda."
    },
    {
      "heading": "Risks and scenarios",
      "content": "- Downside short-term risks driven by global uncertainty.\n- Post-turbulence scenario: increased capital inflows due to strong growth prospects and abundant international liquidity."
    },
    {
      "heading": "Fiscal policy assessment",
      "content": "- Emphasis on executing the capital expenditures budgeted for 2011 as the appropriate fiscal-policy focus."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Prioritize implementation of the 2011 capital expenditures program to support growth.\n- Adopt an ambitious reform agenda to strengthen:\n  - Macroeconomic stability\n  - Growth potential\n  - Social inclusion"
    },
    {
      "heading": "Contextual notes and keywords (as provided)",
      "content": "- Subject areas: Banking, Currencies, Economic sectors, External debt, Financial institutions, Loans, Money, Public debt, Public sector\n- Keywords include: appreciation expectation, central bank, CR, Currencies, exchange rate, foreign currency, Global, IBRD portfolio status, inflation prospects, ISCR, Loans, Peru, private sector, Public sector, real GDP, real gross domestic product\n- The IMF eLibrary offers over 25,000 IMF publications in multiple formats.\n\nSource: Peru: 2011 Article IV Consultation: Staff Report; Supplement; and Public Information Notice (IMF).\n\n---\n\n Content in this bundle\n\n- cr1226\n  - cr1226 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1226 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/bundle-manifest.json)",
    "Published: February 1, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463940416.002",
    "Peru’s activity is expected to decelerate in 2011–12 to slightly below trend.",
    "Inflation is expected to decline toward the target.",
    "The external current account deficit is expected to remain contained.",
    "Short-term risks are markedly to the downside given global uncertainty.",
    "Once international turbulence subsides, strong growth prospects and abundant international liquidity could increase capital inflows.",
    "The fiscal policy focus on undertaking the capital expenditures budgeted for 2011 is considered appropriate.",
    "Macroeconomic stability, growth potential, and social inclusion could be strengthened by adopting an ambitious reform agenda.",
    "Downside short-term risks driven by global uncertainty.",
    "Post-turbulence scenario: increased capital inflows due to strong growth prospects and abundant international liquidity.",
    "Emphasis on executing the capital expenditures budgeted for 2011 as the appropriate fiscal-policy focus.",
    "Prioritize implementation of the 2011 capital expenditures program to support growth.",
    "Adopt an ambitious reform agenda to strengthen:",
    "Subject areas: Banking, Currencies, Economic sectors, External debt, Financial institutions, Loans, Money, Public debt, Public sector",
    "Keywords include: appreciation expectation, central bank, CR, Currencies, exchange rate, foreign currency, Global, IBRD portfolio status, inflation prospects, ISCR, Loans, Peru, private sector, Public sector, real GDP, real gross domestic product",
    "The IMF eLibrary offers over 25,000 IMF publications in multiple formats.",
    "**_cr1226**"
  ],
  "related": [
    {
      "title": "_cr1226",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1226.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1226.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2012/_cr1226.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-22T06:06:19.986Z"
}