LIMA, Peru (Reuters) – Peru’s socialist President Pedro Castillo announced on Thursday at a conference for business leaders that their country’s gross national product would grow 13% to beat the expectations of 2021. This was despite a strong recovery economy from the pandemic.

Castillo, who spoke during the CADE conference, which is the biggest annual business conference of its kind in the world, said that “Legal certainty will remain” and stated clear rules. 2 producer.

Castillo, who took over July 1st with the promise to redistribute mine wealth has caused turmoil for investors and markets. This has led to record lows in local sol currency. Castillo has moderated some of his earlier stances in the months since he took office, and he appointed an moderate-leaning cabinet in October.

Castillo stated, “Many of your not only doubted my, some voted for me,” Castillo added. Castillo received support from the rural voter in the mining communities but little from Lima’s elite.

He said, “Dear businesspeople, GDP growth alone is insufficient if it doesn’t come with social welfare for everyone.”

Due to strict lockdown measures, Peru’s economy suffered a more severe decline of 11% in 2020. Castillo stated that the recovery this year will lead to net growth above pre-pandemic levels. This is in line with comments by the independent central banking last week.