Finance Minister: Peru Economy to Recover in 2018, 2019 After Flood Damage

Peru’s economy will recover in coming years with investment in construction after recent flooding, likely growing 4.5 percent in 2018 and 5 percent in 2019, Finance Minister Alfredo Thorne said on Wednesday.

Previously, the government had expected growth of 4.3 and 4.1 percent for the next two years.

The estimate for 2017 growth was lowered this month to 3 percent from 3.8 percent previously due to flooding.

“The shock will be temporary,” Thorne said in a presentation at Lima’s Chamber of Commerce.

The floods have damaged 6,000 kilometers (3,728 miles) of roads, destroyed thousands of houses and killed 106 people since December.

Peru’s economy, which has also been hurt by paralyzed infrastructure projects due to a corruption investigation involving Brazil’s Odebrecht, grew at its lowest rate in more than two years in February.

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