His first presidential term was marked by a severe economic crisis, social unrest and violence. He ran unsuccessfully for the presidency in 2001, losing the run-off to Alejandro Toledo. In 2006, he was elected to the presidency for a second term. Throughout Garcia's second term, Peru experienced a steady economy, becoming the fastest growing country in Latin America in 2008, surpassing China in terms of rising GDP. The economic success of his presidency would be acclaimed as a triumph by world leaders, and poverty was reduced from 48% to 28% nationally. In addition, Peru signed free trade agreements with the United States and China during his presidency, but Garcia was also accused of corruption. He was succeeded by his former 2006 run-off rival Ollanta Humala in 2011. He withdrew from party politics after failing to advance to the second round of the 2016 general election, placing fifth in his bid for a record third term as president as the candidate of the heavily-criticized Popular Alliance coalition between his party and the centre-right Christian People's Party, which included former rival Lourdes Flores as his first running mate.