A New Test for Peru’s Economic Resilience
A runoff between Fujimori and Sánchez, if confirmed, will put the country’s famous macroeconomic stability at risk, a former finance minister writes.
LIMA—Peru has long been one of Latin America’s more puzzling cases. While its neighbors lurched between economic booms and busts, the country quietly compounded growth, accumulated reserves, built a credible central bank, and maintained macroeconomic orthodoxy across governments of wildly divergent ideological standings. Presidents came and went—some impeached, some fleeing justice, one staging a failed self-coup—and the economy kept growing. Eight presidents in ten years, yet the currency held strong, inflation and spreads remained among the lowest in the region, and the mining...
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