Peru

The Republic of Peru, (Spanish: República del Perú), or Peru, is a country in western South America, bordering Ecuador and Colombia to the north, Brazil to the east, Bolivia to the east, south-east and south, Chile to the south, and the Pacific Ocean to the west. Peru is rich in cultural anthropology, and is well-known as the cradle of the Inca empire.

Economy

Main article: Economy of Peru

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The Peruvian economy has become increasingly market oriented, with major privatizations completed since 1990; in the mining, electricity, and telecommunications industries. Thanks to strong foreign investment and the cooperation between the former Fujimori administration the IMF and the World Bank, growth was strong in 1994–97 and inflation was brought under control. In 1998, El Niño's impact on agriculture, the financial crisis in Asia, and instability in Brazilian markets undercut growth. And 1999 was another lean year for Peru, with the aftermath of El Niño and the Asian financial crisis working its way through the economy. Lima did manage to complete negotiations for an Extended Fund Facility with the IMF in June 1999, although it subsequently had to renegotiate the targets. Pressure on spending grew in the run-up to the 2000 elections.

Related Topics:
1990 - Fujimori - IMF - World Bank - 1994 - 97 - 1998 - El Niño - 1999 - Asian financial crisis - 2000

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Growth up to 2004 has been driven by construction, investment, domestic demand, and exports to different world regions. Peru's economy is one of the better-managed in Latin America. Over the next few years, the country is likely to attract both domestic and foreign investment in the tourism, agriculture, mining, petroleum and natural gas, and power industries.

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