Venezuela and Peru economic growth forecasts updated for 2026

Economic forecasts for Venezuela and Peru show varying outlooks for 2026 and 2027.

In Venezuela, Oxford Economics projects a 6.3% growth rate for 2026 and 15.5% for 2027, though it recently lowered previous estimates due to the economic impact of earthquakes in June. The UNDP similarly anticipates approximately 6.5% growth in 2026, noting that oil production recovery is a primary driver, despite challenges like high inflation and electrical system limitations. Fedecámaras emphasizes that reactivating non-oil sectors is critical for long-term stability.

In Peru, the Ministry of Economy and Finance has raised its 2026 GDP growth projection to between 3.5% and 4%, up from 3.2%. Economy Minister Elmer Cuba noted that while the El Niño phenomenon poses risks to sectors like fishing and exports, domestic demand remains a strength. Other economic indicators in Peru show a projected 5.1% average wage increase in 2026, with the highest adjustments expected for middle management and professionals. However, the Chamber of Commerce of Lima has warned that increasing the minimum wage could strain micro-enterprises, particularly in regions with lower productivity.