Economy of Peru
Alert the Bank of Mexico over fall in GDP Carlos Fernandez-Vega c on economic issues the country is also on alert, but in stage 6, because the balance of the first third of this is disastrous if caotico 2009 addresses the findings on particular the Bank of Mexico released yesterday, from January to March, the Mexican gross domestic product registered a drop of 7 to 8 percent annual rate (but may be higher), which means a 10 times greater than that reported in same period, but in 1995 the “year of great difficulty” in the same period of this Peru’s economy has traditionally been based on the exploitation, processing and exportation of natural resources, mainly mining, agriculture and fisheries. However, in recent years there has been a very important diversification and a significant growth in agribusiness, services and light industries.
Most Peruvians live in services, the exploitation and export of natural resources or agriculture. Industrialization policies in the 50, 60 and especially 70, based on import substitution, had little noticeable effect, largely due to strong economic crisis of the late 80’s and the application of a drastic policy Opening neoliberal 90.
Economic liberalization began during the government of Alberto Fujimori in 1990 to address a very serious economic crisis that had shaken the industry and caused an acute hyperinflation.
After 15 years of these economic measures, and in front of an expanding world economy, have begun to appear positive results supported by the international situation, but also an appropriate order in the internal accounts: in 2007 the GDP has grown in 8.99 (Official figures from the INEI), exports did so in more than 35 to U.S. 27,800 million, the private and public investment reached 21 of GDP, net international reserves (including gold) came to the U.S. 35,131,000,000, state revenues by raising taxes increased by 33 , debt to GDP declined significantly from 50 in 2000 to 34 in 2006, and the national budget grew by 50 in the last five years.
In late 2006 the government had given a package of economic measures to strengthen the economy by improving the levels of investment to expand production and exports. Raw materials and agricultural products represent major export potential.
For the next 10 years are expected investment of 25,000,000.000 for mining, U.S. 20,000,000,000 for investments in energy and petroleum, U.S. 20,000,000,000 in industry, U.S. 12,000,000,000 in trade, U.S. 8,000,000,000 in agribusiness and more than 5,000,000,000 in tourism. Due to discoveries of oil and gas reserves is expected that by 2010, Peru will become a small country with an exportable surplus of oil, after being a net importer for decades.
Despite the economic dynamism of recent years, the past economic crises and drastic measures have led to a neoliberal decapitalization of the national economy, with a insufiente presence of large national companies while openly favoring the capital extanjeros that enjoy tax exemptions and reinvested earnings in the low country. But on the other hand, non-traditional exports to the growing number MYPES into new markets especially in Asia, in recent years, though timidly, show a steady growth and diversification, improving the overall prospects.
