Friday, 03 December 2021 01:13 GMT

Peru takes baby steps towards economic stability

(MENAFN) The economy of Peru is classified as upper middle income by the World Bank and is the 39th largest in the world, and it's one of the fastest-growing economies owing to the economic boom experienced during the 2000s.

The nation's economic performance has been basically tied to exports, which provide hard currency to finance imports and external debt payments, not to mention the unemployment rate has fallen steadily throughout recent years.

Moreover, Peruvian economic policy has varied widely over the past decades, as it introduced radical reforms, which included agrarian reform, the expropriation of foreign companies and the introduction of an economic planning system.

The economic growth in 2015 has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption, plus the free trade is expected to increase further in 2016 after applying a new set of policies.

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