Economics
Peru Leads Global Economic Crash With 30.2% Quarterly Drop
- Millions out of work as businesses fold after strict lockdown
- Country is also mired in one world’s worst virus outbreaks
This article is for subscribers only.
Peru’s economy collapsed at a record pace in the second quarter as the pandemic shuttered businesses and put almost half the country’s urban population out of work.
Gross domestic product plunged 30.2% from a year earlier, the deepest slump of any major economy, the country’s statistics agency said Thursday. It follows a 3.5% drop in the first quarter, putting the economic officially in recession, and one that the World Bank expects to be among the deepest anywhere this year.