With this forecast, Peru will record the third-highest economic growth rate in South America, behind Venezuela (5%) and Paraguay (4.5%).
Likewise, the Peruvian economy is expected to outperform those of Ecuador (2.7%), Brazil (2.2%), Colombia (2.2%), Argentina (2.1%), Uruguay (1.3%), Chile (0.6%), and Bolivia (-3%).
The 2.9% forecast for 2027 represents a slight improvement over the IMF's projection last April, when it anticipated 2.8% growth.
The IMF's upwardly revised growth forecasts for Peru also exceed the South American average for 2026 (2.1%) and 2027 (2.4%).
The improved outlook for Peru’s economy this year contrasts with the slowdown in global economic growth projected by the IMF.
Global outlook
The IMF noted in its report that global economic activity has proven resilient once again.
"The technology upturn, buffers, and adaptations have helped mitigate the damage from geopolitics-driven disruptions. Global growth is projected to slow to 3.1 percent in 2026 and rebound to 3.4 percent in 2027," the multilateral organization indicated.
"Global headline inflation is projected to rise notably to 4.7 percent in 2026 before easing to 4.1 percent in 2027. Energy-importing economies outside the technology value chain face the most difficult outlook," it warned.
The International Monetary Fund noted that the "margins of adjustment that helped resilience are not limitless, and risks are skewed to the downside."
"Further escalation in conflicts, a reassessment of expectations surrounding artificial intelligence (AI), renewed trade tensions, and fiscal vulnerabilities could weaken growth," the IMF indicated.
"On the upside, stronger momentum in AI investment and productivity gains from AI or a sustained easing of geopolitical and trade tensions could strengthen growth," it noted.
In this regard, the IMF recommended that "fiscal frameworks must deliver better results when dealing with disruptive shocks and building policy space through revenue measures."
It also noted that during cost-of-living crises, governments should preserve price signals "and rely primarily on temporary, targeted income support for the most vulnerable."
Finally, the IMF concluded that the global effects of corporate income tax policy changes depend on how they are financed.
"Debt-financed tax cuts support domestic activity but can generate negative spillovers abroad in the short term. Over time, spillovers can be positive, thanks to cross-border knowledge transfer, but lower revenues can constrain public investment domestically, particularly in emerging market and developing economies," it explained.
(END) NDP/MDV/MVB