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What Are The Impacts Of Peru's Economy

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Peru was a military-ruled country for 12 years from 1968 through 1980, and then changed to a democracy; however, the country continued to experience an economic turmoil. The weather, epidemic of El Nino in the 1980’s caused severe economic problems in Peru such as widespread flooding in parts of the country as well as harsh droughts in the other parts of the country. The natural disasters took their toll on the country, causing a decrease in production, wages, and unemployment. Peru’s economy has also incurred their share of the global economic crisis, which also caused a negative impact on economies all over the world. One of the main economic problems that the country has had during the 20th century is the population …show more content…

This is a major component of the GDP. The government spending targets, budgets, adjust taxation, increases the public expenditure and public work all of these are useful tools that impact the growth of Peru’s economy. The spending in Peru has increased to 1936.53 PEN Million in the fourth quarter of 2017 from 1409.33 PEN Million in the third quarter of 2017. The income rate is 30 percent, while the corporate tax rate falls at 28 percent this puts the overall tax burden at 15.9 percent of total domestic income. The business freedoms in Peru are well protected; however, starting a business can be a slow and lengthy process ranging to an average of 72 days compared to the world average of 43 days. The Trade Freedom score in the country is 73.4 percent putting a weighted average tariff rate of 8.7 percent in 2004. Peru's has an abundant amount of exports that include petroleum, gold, copper, apparel, coffee, tin, non-ferrous ores, asparagus, fishmeal, zinc, and textiles. The imports that Peruvian's receive include machinery, petroleum products, electrical machinery, plastics, vehicles, steel, and cereals. Mining and energy are two of the most important sectors in Peru. Camisea gas transformed the country’s dependence on imported diesel by extracts and transports natural gas originating near the Urubamba River in central Peru, the San Martin Reservoir. The gas pipeline contained approximately 13.4 trillion cubic feet of natural gas and 482 million barrels of natural liquid

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