Place Credit Reports Peru Order
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Economy Overview:
Peru's economy reflects its varied geography - an arid coastal region,
the Andes further inland, and tropical lands bordering Colombia and
Brazil. Abundant mineral resources are found in the mountainous areas,
and Peru's coastal waters provide excellent fishing grounds. However,
overdependence on minerals and metals subjects the economy to
fluctuations in world prices, and a lack of infrastructure deters trade
and investment. After several years of inconsistent economic
performance, the Peruvian economy grew by more than 4 percent per year
during the period 2002-2005, with a stable exchange rate and low
inflation. Risk premiums on Peruvian bonds on secondary markets reached
historically low levels in late 2004, reflecting investor optimism
regarding the government's prudent fiscal policies and openness to trade
and investment. Despite the strong macroeconomic performance, the TOLEDO
administration remained unpopular in 2005, and unemployment and poverty
have stayed persistently high. Economic growth will be driven by the
Camisea natural gas megaproject and by exports of minerals, textiles,
and agricultural products. Peru is expected to sign a free-trade
agreement with the United States in early 2006.
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