As an upper-middle-income economy, Peru has achieved remarkable social and economic progress in recent decades: poverty rates dropped from 60 percent in 2002 to 24 percent in 2013, and GDP per capita surged from just over $2,100 in 2003 to over $8,400 in 2024. These achievements are supported by prudent monetary, fiscal, and financial policies, evident in low inflation rates, manageable public debt, substantial international reserves, and a sound financial system.
However, despite this progress, Peru faces persistent challenges. Economic growth has slowed in recent years, decreasing from an average of 6.2 percent between 2005 and 2014 to just 2.4 percent from 2015 to 2024. High levels of informality, regional disparities, weakening institutions, and a dynamic yet sometimes turbulent political landscape influence the country's development path. Nevertheless, the resilience and creativity of the Peruvian people, combined with the nation's natural wealth and entrepreneurial spirit, provide hope for a more inclusive and prosperous future.
