Peru's finance minister rules out future recession

Peru's Finance Minister Luis Miguel Castilla said Thursday the coming months won't see a recession, but warned that financial authorities should "be prepared" for a global economic slowdown as it would have repercussions on the Andean nation. Castilla said there are "remote" possibilities that a recession may hit Peru's economy, but the ongoing effects of the international crisis are still difficult to assess. "It is not correct to speak about a crisis in Peru, because the country's rates are growing dynamically and the inflation is showing a downward trend," he said. As a precautionary measure against a potential international crisis, the Peruvian government has issued an urgent decree to implement a stimulus plan worth 1.571 billion U.S. dollars.