Regions of Peru Regions of Peru The regions () of Peru are the first-level administrative subdivisions of Peru. Since its 1821 independence, Peru had been divided into departments () but faced the problem of an increasing centralization of political and economic power in its capital, Lima. After several unsuccessful decentralization attempts, the legal figure of "region" became official and regional governments were elected to manage the departments on November 20, 2002, until their planned fusion into real regions. Under the new arrangement, the former 24 departments plus the Callao Province have become regional circumscriptions. The province of Lima has been excluded from this
Economy of Peru Economy of Peru Peru is classified as "upper middle income" by the World Bank and is the 39th largest in the world by total GDP. Peru is one of the world's fastest-growing economies, with a 2012 GDP growth rate of 6.3%. It currently has a high human development index of 0.741 and per capita GDP above $12,000 by PPP. Neo-classical economists would interpret Peru's sound economic performance as a combination of: However, Post-Keynesian economists would argue that what neo-classical economics considers to be "prudent" fiscal spending is nothing more than a means to restrict government spending in order to make