Peru’s finance minister lowered his forecast for economic growth in the country in 2009 to between 2 and 3%.
Finance Minister Luis Carranza initially projected 5% growth for 2009 but has repeatedly lowered his forecast as the global economic crisis continues to bog down demand for Peru’s top exports.
Peru’s economy expanded 9.8% last year, faster than China’s.
But growth slowed to 1.8% in the first quarter because of the global crisis and analysts say it slowed further amid social unrest in the second quarter.