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Phone Code: 0051Root-level Domain Code: .pe
Phone Code: 0051
Root-level Domain Code: .pe
Background: Ancient Peru was the seat of several prominent Andean civilizations, most notably that of the Incas whose empire was captured by the Spanish conquistadors in 1533. Peruvian independence was declared in 1821, and remaining Spanish forces defeated in 1824. After a dozen years of military rule, Peru returned to democratic leadership in 1980, but experienced economic problems and the growth of a violent insurgency. President Alberto FUJIMORI's election in 1990 ushered in a decade that saw a dramatic turnaround in the economy and significant progress in curtailing guerrilla activity. Nevertheless, the president's increasing reliance on authoritarian measures and an economic slump in the late 1990s generated mounting dissatisfaction with his regime, which led to his ouster in 2000. A caretaker government oversaw new elections in the spring of 2001, which ushered in Alejandro TOLEDO as the new head of government - Peru's first democratically elected president of Native American ethnicity. The presidential election of 2006 saw the return of Alan GARCIA who, after a disappointing presidential term from 1985 to 1990, returned to the presidency with promises to improve social conditions and maintain fiscal responsibility.
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 2002-2006, 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, underemployment and poverty have stayed persistently high. Economic growth continues to be driven by exports of minerals, textiles, and agricultural products, and by expectations for the Camisea natural gas megaproject and for other promising energy projects. Upon taking office, President GARCIA announced Sierria Exportadora, a program aimed at promoting economic growth in Peru's southern and central highlands.
Geography Note: shares control of Lago Titicaca, world's highest navigable lake, with Bolivia; a remote slope of Nevado Mismi, a 5,316 m peak, is the ultimate source of the Amazon River
Location: Western South America, bordering the South Pacific Ocean, between Chile and Ecuador
Natural Resources: copper, silver, gold, petroleum, timber, fish, iron ore, coal, phosphate, potash, hydropower, natural gas
Geographic Coordinates: 10 00 S, 76 00 W
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