Moody’s Investors Service Sovereign Risk Group Vice-President Jaime Reusche estimates the Peruvian economy will expand by 4% this year and 4.5% in 2017, surpassing International Monetary Fund (IMF) and World Bank Group (WBG) projections.

The International Monetary Fund (IMF) on Tuesday rose Peru’s economic growth projection from 3.3% to 3.7% for this year; while the World Bank Group raise its projection from previous 3.3% to 3.4%, although it affirmed that Latin America and the Caribbean will remain mired in recession with contraction of 0.9% this year.

Reusche claims that, according to the latest report on Peru and election results, GDP growth in real terms bottomed out in 2014 after a growth rate of 2.4% that year, reached a turning point at the beginning of 2015, and then saw a rebound to 3.3% last year.

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