JPMorgan Chops Peru Forecast

JPMorgan revised downward its 2009 GDP growth forecast for Peru to 1.7% from 2.2% owing to poor performance in April and May. The shop says GDP in 2Q will likely post another sequential retreat following the 6.2% quarter-over-quarter annualized drop in Q1, reinforcing the view that Peru has joined the global recession. This is not the first time JPMorgan has chopped its Peru forecast. In early July it reduced to 2.2% from 3.5%.