Business Cycles and Concepts


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Unemployment in Peru

South American countries have lagged behind in terms of economic development and growth as compared to the North America. This has resulted from a number of economic, political, social, and technological factors. This report addresses the issue of unemployment in Peru and how this is related to the country. Geographically, Peru is considered as the third largest country in South America with Lima as the capital city. The country has a constitutional form of government and the gross domestic product in the year 2010 was $153.92 billion. The major natural resources in the country include; silver, zinc, iron ore, iron, natural gas, forestry, copper, and gold. Manufacturing sector in the year 2010 represented 15% of the gross domestic product and agriculture represented 7.5% with the main products farmed including coffee, cotton, and asparagus. Business Cycles and Concepts.

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This is evident in that when comparing the rates from the year 2005 to 2011, it is clear that unemployment rates are decreasing. The government has played a critical role in ensuring that most of its citizens are employed in different sectors. It does this by encouraging foreign investors and increasing the level of education as well as literacy rates. Business Cycles and Concepts.

References

North & South America CEIC Database Team. (2011). Peru: Unemployment Falls to 7.7% After Rapid GDP Growth in 2010. Retrieved on Jan 28, 2012 from http://blog.securities.com/2011/02/peru-unemployment-falls-rapid-gdp-growth/

U.S. Department of State. (2012). Background Note: Peru. Retrieved on Jan 28, 2012 from http://www.state.gov/r/pa/ei/bgn/35762.htm 

World Bank. (2011). Peru: Country Program Evaluation of the World Bank Group, 2003-09. New York: Prentice Hall.