## Peru: 2011 Article IV Consultation: Staff Report; Supplement; and Public Information Notice

_IMF Staff Country Reports, February 1, 2012_

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## Bibliographic details
- Published: February 1, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463940416.002

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### Summary findings
- 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.

### Risks and scenarios
- Downside short-term risks driven by global uncertainty.
- Post-turbulence scenario: increased capital inflows due to strong growth prospects and abundant international liquidity.

### Fiscal policy assessment
- Emphasis on executing the capital expenditures budgeted for 2011 as the appropriate fiscal-policy focus.

### Policy implications and recommendations
- Prioritize implementation of the 2011 capital expenditures program to support growth.
- Adopt an ambitious reform agenda to strengthen:
  - Macroeconomic stability
  - Growth potential
  - Social inclusion

### Contextual notes and keywords (as provided)
- 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.

*Source: Peru: 2011 Article IV Consultation: Staff Report; Supplement; and Public Information Notice (IMF).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/peru-2011-article-iv-consultation-staff-report-supplement-and-public-information-notice-25700_