![]() ![]() ![]() Peru has a high level of human development with an upper middle income level ranking 82nd on the Human Development Index. The sovereign state of Peru is a representative democratic republic divided into 25 regions. Though statistical poverty has decreased significantly – from nearly 60% in 2004 to 20.5% in 2018. Inflation in 2012 was the lowest in Latin America at 1.8%, with the most recent annual rate standing at 1.9% in 2020. The nation has more recently adopted the Lima Consensus, an economic ideology of neoliberalism, deregulation and free market policies that has made foreign portfolio investment in Peru attractive. As the 2000s commodities boom took place, Peru experienced a period of constant economic growth, while government finances, poverty reduction and progress in social sectors improved. In the 1990s, the country implemented a neoliberal economic model which is still in use to this day. In the 20th century, the country endured coups, social unrest, and internal conflicts, as well as periods of stability and economic upswing. In the ensuing years, the country first suffered from political instability until a period of relative economic and political stability began due to the exploitation of guano that ended with the War of the Pacific. Peru formally proclaimed independence in 1821, and following the foreign military campaigns of José de San Martín and Simón Bolívar, and the decisive battle of Ayacucho, Peru completed its independence in 1824. Higher education started in the Americas with the official establishment of the National University of San Marcos in Lima in 1551. The Spanish Empire conquered the region in the 16th century and established a viceroyalty that encompassed most of its South American territories, with its capital in Lima. ![]() Notable pre-colonial cultures and civilizations include the Caral-Supe civilization (the earliest civilization in the Americas and considered one of the cradles of civilization,) the Nazca culture, the Wari and Tiwanaku empires, the Kingdom of Cusco, and the Inca Empire, the largest known state in the pre-Columbian Americas. Peruvian territory was home to several cultures during the ancient and medieval periods, and has one of the longest histories of civilization of any country, tracing its heritage back to the 10th millennium BCE. At 1,285,216 km 2 (496,225 sq mi), Peru is the 19th largest country in the world, and the third largest in South America. Peru has a population of over 32 million, and its capital and largest city is Lima. Peru is a megadiverse country with habitats ranging from the arid plains of the Pacific coastal region in the west to the peaks of the Andes mountains extending from the north to the southeast of the country to the tropical Amazon basin rainforest in the east with the Amazon River. It is bordered in the north by Ecuador and Colombia, in the east by Brazil, in the southeast by Bolivia, in the south by Chile, and in the south and west by the Pacific Ocean. info)), is a country in western South America.Peru ( / p ə ˈ r uː/ ( listen) Spanish: Perú Quechua: Piruw Aymara: Piruw ), officially the Republic of Peru ( Spanish: República del Perú ( help ![]()
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