14 May 2016

Economy: stable and open to the world

Stability is what best defines the Chilean economy. The breadth of commercial opportunity has propelled solid and sustained growth year in year out.

he Chilean economy is stable and booming. The market stimulates free competition and commercial opportunities while authorities protect and promote fiscal discipline. Growth over the last decade has been almost 5 percent per year.

This sustained growth has allowed the country to sign Free Trade Agreements (FTA) with markets representing almost two thirds of the world population.

The vast network of deals has given space to true chains of international cooperation and production, thereby allowing a huge variety of products and services — attractive for their quality, variety and value added — to reach the international market.

The country’s traditional leading industries — e.g. agriculture, viticulture, fishing, mining — have taken on a new character, more innovative and sustainable. Meanwhile, the traditional industries have been joined by booming sectors that further develop and display the talent of the Chilean people such as architecture, engineering, environmental work, information technology and the creative industries in general.

This variety of growth is a response to the continuous creation, transparency and consistency of an economy that is open, stable and at the same flexible, based on the principles of institutional transparency, free of surprises — Honesty and stability are the motor of dynamic and consistent growth.

Responsible regulation and social programs have proven themselves to be the best partners of growth over the last decade, significantly reducing poverty and quadrupling the number of young people entering university.

With the aim of ensuring that the economy’s success benefits every resident of the country, reform programs have been implemented with a social emphasis, policies that encompass multiple areas of socio-economic activity. Among the most important is the Plan AUGE (Universal ato comprehensive benefits and explicit guarantees) — A public health system that guarantees greater and better quality coverage for all Chileans as well as postnatal care for 6 months, made available to the country’s entire working population.

The economy has also shown advances in the construction of social housing and the far-reaching programs to increase access to education. The indices of poverty have fallen significantly in 15 years — from 38 percent in 1990 to 14.4 percent in 2011. Inequality in income levels still exists, though, and pursuing a more just society for all is a goal for all Chileans.

A resolute policy of saving reserves has supported economic stability and allowed successfully face the challenge of the global economic crisis.

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