Business Cycles and Concepts

Business Cycles and Concepts

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.

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U.S. Department of State. (2012). Background Note: Peru. Retrieved on Jan 28, 2012 from

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