There is no building boom, and no building at all that I can see. Some people do private construction on houses, of course, but there are no office towers, no commercial centres, no massive industrial parks or high-tech centres that I can find a'coming.
Yet, the city is filled with people shopping, buying small things as a rule, but buying nonetheless, having at least enough money for food and shoes and taxi rides from the shops everywhere. Is it all cocaine money settling into the working class wallet?
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, but then fell to less than 1% in 2009 in the face of the world recession and lower commodity export prices. Growth resumed in 2010 at nearly 8%, due partly to increased exports. Peru's rapid expansion has helped to reduce the national poverty rate by about 15% since 2002, though underemployment remains high; inflation has trended downward in 2009, to below the Central Bank's 1-3% target. 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 and despite President GARCIA's pursuit of sound trade and macroeconomic policies, persistent inequality has cost him political support. Nevertheless, he remains committed to Peru's free-trade path. Since 2006, Peru has signed trade deals with the United States, Canada, Singapore, and China, concluded negotiations with the European Union, and begun trade talks with Korea, Japan, and others.
I've been in places where people were starving to death. This is not one of them.
The economy of Peru is classified as upper middle income by the World Bank Peru is, as of 2011, one of the world's fastest-growing economies owing to the economic boom experienced during the 2000s... and is the 42nd largest in the world.http://en.wikipedia.org/wiki/
This country is not booming economically at the moment, but it is a lovely place to be. On a scale of 1-10, this is a 7 to my mind, below Israel at 9 and above Greece at 6, Mexico at 3, and almost any park in a large city in the United States today at 1.
Yesterday was the first time in a month and a half that I had a guy try to sell me cocaine. He was a Bolivian, and a toothless grifter no matter where from. Compare that to Canada where life is nearly unbearable from all the petty crime, the social interference from leftards, and the miserable climate and Peru beats it by a scale of magnitude.