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Peru
Searching for car hire is never much fun. That is why
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you arrive in Peru. Choose Car Rental options on size
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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 Manrique 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 Perez who,
after a disappointing presidential term from 1985 to 1990,
has overseen a robust macroeconomic performance.
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. The
Peruvian economy grew by more than 4% per year during
the period 2002-06, with a stable exchange rate and low
inflation. Growth jumped to 9% per year in 2007 and 2008,
driven by higher world prices for minerals and metals
and the government's aggressive trade liberalization strategies.
Peru's rapid expansion has helped to reduce the national
poverty rate by about 15% since 2002, though underemployment
and inflation remain high. Despite Peru's strong macroeconomic
performance, overdependence on minerals and metals subjects
the economy to fluctuations in world prices, and poor
infrastructure precludes the spread of growth to Peru's
non-coastal areas. Not all Peruvians therefore have shared
in the benefits of growth. President GARCIA's pursuit
of sound trade and macroeconomic policies has cost him
political support since his election. Nevertheless, he
remains committed to Peru's free-trade path. The United
States and Peru completed negotiations on the implementation
of the U.S.-Peru Trade Promotion Agreement (PTPA), and
the agreement entered into force February 1, 2009, opening
the way to greater trade and investment between the two
economies.
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