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Peru's president sees economic growth slowing to 3%-3.5% in 2017 due to floods

Peru's President Pedro Pablo Kuczynski said the country's economy will grow slower to between 3% and 3.5% in 2017 due to the impact of the El Niño phenomenon, El Comercio reported.

The statement came after the country's ministry of economy and finance indicated that the economy will only grow 2% in the first quarter.

Kuczynski said in an interview with Bloomberg that the government is funding the repair of infrastructures destroyed by river overflows in affected areas. Reconstruction works tied to the flooding could cost the economy between $12 billion and $15 billion, Peru's Defense Minister Jorge Nieto Montesinos said earlier.

The president noted that Peru is better prepared in these situations compared to the past and will use its "substantial" savings as well as loans to finance a three-year reconstruction program. He expects economic growth to recover to between 4% and 5% by 2018.