Regulatory Policy in Peru

Assembling the Framework for Regulatory Quality

image of Regulatory Policy in Peru

Regulation is one of the key levers of government intervention. When properly designed, it can help achieve environmental and social objectives, and contribute to economic growth. The OECD Review of Regulatory Policy of Peru assesses the policies, institutions, and tools employed by the Peruvian government to design, implement and enforce high-quality regulations. These include administrative simplification, evaluation of regulations, public consultation, and the governance of independent regulators, amongst others. The review provides policy recommendations based on best international practices and peer assessment to strengthen the government’s capacity to manage regulatory policy.

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Structural reforms and the recent macroeconomic context in Peru

Peru suffered from hyperinflation and a deep economic crisis during the 1980s. A first wave of structural reforms took place in the early 1990s. Private investment, including foreign investment, was promoted. New measures to open the country to foreign trade were introduced. And measures to ensure fair market competition were enacted. However, by the second half of the nineties, reform actions decelerated sharply. Notwithstanding, Peru’s macroeconomic performance over the last decade has been the best in over a century. This performance is in part the result of a very favourable external environment, but is also a consequence of a successful combination of sound fiscal policy based on a fiscal responsibility law and monetary credibility. Significant improvements in economic growth, well-being and poverty reduction have been observed since the introduction of reforms in the 1990s, but more reforms are needed to achieve a more inclusive and sustainable path.

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