Reforming Latin Americas Economies: After Market Fundamentalism

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Tourism in Chile has experienced sustained growth over the last decades. Chile received about 2. Chile has a great diversity of natural landscapes, from the Mars-like landscapes of the hyperarid Atacama Desert to the glacier-fed fjords of the Chilean Patagonia , passing by the winelands backdropped by the Andes of the Central Valley and the old-growth forests of the Lakes District. Many of the most visited attractions in Chile are protected areas.

The extensive Chilean protected areas system includes 32 protected parks, 48 natural reserves and 15 natural monuments.

Latin America and the Caribbean in 2018: An Economic Recovery in the Making

According to the CIA World Factbook , Chile's "sound economic policies", maintained consistently since the s, "have contributed to steady economic growth in Chile and have more than halved poverty rates. The government's role in the economy is mostly limited to regulation, although the state continues to operate copper giant CODELCO and a few other enterprises there is one state-run bank.

As of , Chile invested 0. Even then, two-thirds of that was government spending. Beyond its general economic and political stability, the government has also encouraged the use of Chile as an "investment platform" for multinational corporations planning to operate in the region. Registration is reported to be simple and transparent, and foreign investors are guaranteed access to the official foreign exchange market to repatriate their profits and capital. Nonetheless, economic analysts disagreed with government estimates and predicted economic growth at a median of 1.

The Chilean Government has formed a Council on Innovation and Competition, which is tasked with identifying new sectors and industries to promote. It is hoped that this, combined with some tax reforms to encourage domestic and foreign investment in research and development , will bring in additional FDI to new parts of the economy.

According to The Heritage Foundation 's Index of Economic Freedom in , Chile has the strongest private property rights in Latin America, scoring 90 on a scale of There are three main ways for Chilean firms to raise funds abroad: bank loans, issuance of bonds, and the selling of stocks on U. Nearly all of the funds raised through these means go to finance domestic Chilean investment. The Government of Chile continues to pay down its foreign debt, with public debt only 3.

One of Chile's fiscal policy central features has been its counter-cyclical nature. This has been facilitated by the voluntary application since of a structural balance policy based on the commitment to an announced goal of a medium-term structural balance as a percentage of GDP. The structural balance nets out the effect of the economic cycle including copper price volatility on fiscal revenues and constrains expenditures to a correspondingly consistent level. The Fiscal Responsibility Law also allowed for the creation of two sovereign wealth funds : the Pension Reserve Fund PRF , to face increased expected old-age benefits liabilities, and the Economic and Social Stabilization Fund ESSF , to stabilize fiscal spending by providing funds to finance fiscal deficits and debt amortization.

The main taxes in Chile in terms of revenue collection are the value added tax The income tax revenue comprises different taxes. Therefore, corporate income taxes paid constitute a credit towards two personal income taxes: the Global Complementary Tax in the case of residents or the Additional Tax in the case of non-residents. The Global Complementary Tax is payable by those that have different sources of income, while those receiving income solely from dependent work are subject to the Second Category Tax.

Income arising from corporate activity under the Global Complementary Tax only becomes payable when effectively distributed to the individual. There are also special sales taxes on alcohol and luxury goods, as well as specific taxes on tobacco and fuel. Other taxes include the inheritance tax and custom duties.

In , general government expenditure reached The Chilean peso's rapid appreciation against the U. Most wage settlements and loans are indexed, reducing inflation's volatility. The CBoC is granted autonomous status by Chile's National Constitution, providing credibility and stability beyond the political cycle.

In practice, the CBoC monetary policy is guided by an inflation targeting regime, while the foreign exchange policy is led by a floating exchange rate and, although unusual, the bank reserves the right to intervene in the foreign exchange markets. Chile is strongly committed to free trade and has welcomed large amounts of foreign investment. Chile has signed free trade agreements FTAs with a whole network of countries, including an FTA with the United States that was signed in and implemented in January Higher effective tariffs are charged only on imports of wheat, wheat flour, and sugar as a result of a system of import price bands.

The price bands were ruled inconsistent with Chile's World Trade Organization WTO obligations in , and the government has introduced legislation to modify them. Under the terms of the U. Most imports are not subject to the full statutory tariff, due to the extensive preferences negotiated outside the multilateral system through Regional Trade Agreements RTAs.

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More recently, Chile has also been an active participant of deeper plurilateral trade agreement negotiations. Chile has signed some form of bilateral or plurilateral agreement with each of the parties at TPP, although with different degrees of integration. Chile is also a party in conversations to establish the Pacific Alliance along with Peru, Mexico and Colombia. This figure was somewhat distorted by the skyrocketing price of copper. Within Chile's diversified network of trade relationships, its most important partner remained the United States. Total trade with the U. Since the U.

Internal Government of Chile figures show that even when factoring out inflation and the recent high price of copper, bilateral trade between the U. The Netherlands and Italy were Chile's main European trading partners.

IMF on Latin America: Surviving the Global Economic Crisis

Trade with Korea and Japan grew significantly, but China remained Chile's most important trading partner in Asia. Chile's total trade with China reached U. The growth of exports in was mainly caused by a strong increase in sales to the United States, the Netherlands, and Japan. Year-on-year growth in imports was especially strong from a number of countries — Ecuador Chile's overall trade profile has traditionally been dependent upon copper exports. Chile has made an effort to expand nontraditional exports.

Economic liberalization in the post–World War II era

The most important non-mineral exports are forestry and wood products, fresh fruit and processed food, fishmeal and seafood, and wine. It reached a partial trade agreement with India in and began negotiations for a full-fledged FTA with India in Chile conducted trade negotiations in with Australia, Malaysia, and Thailand, as well as with China to expand an existing agreement beyond just trade in goods. The members of the P4 Chile, Singapore, New Zealand, and Brunei also plan to conclude a chapter on finance and investment in Successive Chilean governments have actively pursued trade-liberalizing agreements.

Chile also concluded preferential trade agreements with Venezuela, Colombia, and Ecuador. Continuing its export-oriented development strategy, Chile completed landmark free trade agreements in with the European Union and South Korea. To that end, it has signed trade agreements in recent years with New Zealand, Singapore, Brunei, India, China, and most recently Japan.

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In , Chile hopes to conclude an FTA with Australia, and finalize an expanded agreement covering trade in services and investment with China. The P4 Chile, Singapore, New Zealand, and Brunei also plan to expand ties through adding a finance and investment chapter to the existing P4 agreement. Chile's trade talks with Malaysia and Thailand are also scheduled to continue in After two years of negotiations, the United States and Chile signed an agreement in June that will lead to completely duty-free bilateral trade within 12 years.

The U.


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The FTA has greatly expanded U. Unemployment finally dipped to 7.


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  6. The percentage of Chileans with household incomes below the poverty line — defined as twice the cost of satisfying a person's minimal nutritional needs — fell from Regarding the census, assessments have exhibited mixed results. An initial evaluation by a domestic independent experts panel released in August placed the omission rate in 9. Statistics Commission, found "no basis for doubting the usability of the census data for most, if perhaps not all, of the customary uses" and recommended its release subject to the elimination of the imputation of housing units not observed on the ground during the enumeration and the concurrent publication of a methodological and administrative report.

    The following table shows the main economic indicators in — Note: Data are preliminary.

    Note: data are preliminary. Central Bank of Chile.

    Coping with globalization: Asian versus Latin American strategies of development,

    Source: Central Bank of Chile 's statistics database. Search the FT Search. World Show more World. US Show more US. Companies Show more Companies.

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