The economy of Peru is an emerging, social market economy characterized by a high level of foreign trade and an upper middle income economy as classified by the World Bank. Peru has the forty-seventh largest economy in the world by total GDP and currently experiences a high human development index. The country was one of the world's fastest-growing economies in 2012, with a GDP growth rate of 6.3%, with the economy expecting to increase 9.3% in 2021 in a rebound from the COVID-19 pandemic in Peru. Peru has signed a number of free trade agreements with its main trade partners, with China becoming the nation's largest trading partner following the China–Peru Free Trade Agreement signed on April 28, 2009, while additional free trade agreements have been signed with the United States in 2006, Japan in 2011 and the European Union in 2012. Trade and industry are centralized in Lima while agricultural exports have led to regional development within the nation.