Peru’s Top Bank Sees Economy Improving on Mild El Nino Impact

Peru’s biggest bank sees the economy finally turning a page from its worst recession this century, thanks to weaker-than-expected weather disruptions brought on by the El Nino weather pattern.

“We anticipate improved macroeconomic conditions in 2024,” Credicorp Ltd’s CEO Gianfranco Ferrari said in an earnings release. “Factors like the waning influence of the El Niño phenomenon, an upgraded GDP outlook, reduced local reference rate and controlled inflation foster our improved optimism.”

Peru’s recession was triggered by bad weather and political turmoil last year. Both factors appear to have waned this year and the central bank is repeatedly cutting interest ...