Peru’s economy shrank by 0.6% in 2023 compared to the previous year, marking its second-worst contraction in over 30 years due to political unrest and extreme weather. This decline follows an 11% plunge in 2020, with a 0.4% contraction in Q4 2023. Despite this, authorities project a 3% growth for 2024, hoping for a recovery in Q1 2024 due to positive base effects.