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First presidency of Alan García
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First presidency of Alan García
The first presidency of Alan García governing Peru was from 1985 to 1990. He regained the presidency in 2006 .
On 14 April 1985, Alan García was elected President of Peru after winning the 1985 Peruvian general election securing 53.1% of the popular vote. In addition, his party, the American Popular Revolutionary Alliance, emerged as the largest faction in both houses of Congress. At the time of his election, García enjoyed high popularity attributed to his youth, oratory skills and charisma.
The change of command ceremony was attended by the presidents Raúl Alfonsín of Argentina, Julio Maria Sanguinetti of Uruguay, Belisario Betancourt of Colombia, Hernan Siles of Bolivia, Nicolás Ardito Barletta of Panama, and Salvador Jorge Blanco of Dominican Republic. Also was present James Baker, United States Secretary of Treasury.
In October 1985, Newsweek called him the most important political star to emerge in Latin America since Juan Domingo Perón. In December, the magazine placed García among the ten most outstanding personalities in the world.
At first, the measures taken were positive. Already in September 1985, inflation fell to 3.5% (compared with 12.5% in April of that year). By the second quarter of 1986, the economy showed clear signs of recovery. The sectors that relied on domestic demand (manufacturing, construction, agriculture) grew, but not those engaged in the export sectors (mining, fishing). In 1986, the economy grew 10%. It was the biggest increase since the 1950s, with it then Garcia enjoyed record popularity throughout Latin America. When the spending power of the state was exhausted then began multiple problems.
The first problem was that despite economic resurgence, the state hardly received higher income. another problem was that the modest capacity of the domestic industry was reaching its limits. Further investments and foreign capital were required to install new capabilities and continue with economic growth and recovery. This led to increased dependency on foreign loans and investments.
Low public confidence in the government's monetary policy led to many consumers buying dollars over Intis, thus causing mass devaluation of the Inti. The package of measures adopted by Garcia included the freezing of the exchange rate from Inti to dollar. The freezing did little to stop the real demand of dollar over Inti. By 1989 hyperinflation dominated the monetary situation of Peru.
In 1987, the danger of a crisis in the balance of payments and international reserves was evident. However, the Peruvian Government continued to rely on rapid economic growth until 1988. At the same time, they had to accept the devaluation of the inti, rising wages and prices.
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First presidency of Alan García
The first presidency of Alan García governing Peru was from 1985 to 1990. He regained the presidency in 2006 .
On 14 April 1985, Alan García was elected President of Peru after winning the 1985 Peruvian general election securing 53.1% of the popular vote. In addition, his party, the American Popular Revolutionary Alliance, emerged as the largest faction in both houses of Congress. At the time of his election, García enjoyed high popularity attributed to his youth, oratory skills and charisma.
The change of command ceremony was attended by the presidents Raúl Alfonsín of Argentina, Julio Maria Sanguinetti of Uruguay, Belisario Betancourt of Colombia, Hernan Siles of Bolivia, Nicolás Ardito Barletta of Panama, and Salvador Jorge Blanco of Dominican Republic. Also was present James Baker, United States Secretary of Treasury.
In October 1985, Newsweek called him the most important political star to emerge in Latin America since Juan Domingo Perón. In December, the magazine placed García among the ten most outstanding personalities in the world.
At first, the measures taken were positive. Already in September 1985, inflation fell to 3.5% (compared with 12.5% in April of that year). By the second quarter of 1986, the economy showed clear signs of recovery. The sectors that relied on domestic demand (manufacturing, construction, agriculture) grew, but not those engaged in the export sectors (mining, fishing). In 1986, the economy grew 10%. It was the biggest increase since the 1950s, with it then Garcia enjoyed record popularity throughout Latin America. When the spending power of the state was exhausted then began multiple problems.
The first problem was that despite economic resurgence, the state hardly received higher income. another problem was that the modest capacity of the domestic industry was reaching its limits. Further investments and foreign capital were required to install new capabilities and continue with economic growth and recovery. This led to increased dependency on foreign loans and investments.
Low public confidence in the government's monetary policy led to many consumers buying dollars over Intis, thus causing mass devaluation of the Inti. The package of measures adopted by Garcia included the freezing of the exchange rate from Inti to dollar. The freezing did little to stop the real demand of dollar over Inti. By 1989 hyperinflation dominated the monetary situation of Peru.
In 1987, the danger of a crisis in the balance of payments and international reserves was evident. However, the Peruvian Government continued to rely on rapid economic growth until 1988. At the same time, they had to accept the devaluation of the inti, rising wages and prices.
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