Peru’s finance minister, Alex Contreras, indicated that preliminary data suggest the country’s economy contracted in June, marking two consecutive quarters of negative growth, typically defined as a recession. The data reveals that the economy shrank by around 1% in June. Official figures showed a 0.43% contraction in Q1 2023, followed by a 0.31% expansion in April, but then a contraction of 1.43% in May. Contreras predicts a return to economic growth in July, fueled by an “ambitious” array of private sector investments worth bln of USD expected to commence in Q3, along with significant government spending plans.