Peru is now classified by the World Bank as an upper-middle-income economy, following two decades of remarkable economic growth. This can largely be attributed to Peru’s sound macroeconomic policies and economic openness, resulting in renewed investor confidence and improved infrastructure to support Peru’s competitiveness and productivity growth.
Continuous efforts to improve governance structures, empower institutions and foster social inclusion have led to growing political stability and earned Peru a high rank on the Word Bank’s 2017 Ease of Doing Business (58th out of 190 countries). Furthermore, Peru is considered one of the most open economies in South America, having engaged in numerous multilateral agreements, including Pacific Alliance - APEC, Trans-Pacific Partnership Agreement, and numerous bilateral agreements with the EU, China and the United States of America, among others.
Peru's continuing socio-economic progress relies on promoting national quality infrastructure and innovation systems to increase competitiveness, as well as addressing regional inequalities and driving the transition of the informal economy to formality. With strong government support and solid regulatory policies, Peru is in a favourable position; however, institutional challenges must be addressed to ensure that productivity growth results in social, environmental and economic benefits for the nation as a whole.