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Alonso Segura became Peru’s finance minister as the deteriorating global economic environment hit Latin America hardest in September 2014: growth registered 1.1% quarter-on-quarter in Q4 2014, the lowest level since the financial crisis in 2008.
It was still positive, but for an economy that had enjoyed average per capita GDP growth rates of 2.9% since 2000 and had been around 6% for the previous couple of years, it was a slump.
Falling demand for commodities hit export revenues, while currency depreciation, in an economy with high levels of dollarization, played havoc with internal demand and debt dynamics.
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