Corruption damages economic development, hinders the growth of fair market structures, and impedes the ability of developing countries to attract scarce foreign investment. Nowhere is the cost of corruption more evident than in public procurement. In 2009, Peru spent about 13.9 percent of its GDP and 25 percent of the public budget on procurement, which is in line with the world average of about 15 percent. Corruption in public procurement remains a serious problem, however, and transparency and integrity of the process is especially important when fighting corruption. Read more…