Economy of Chile

Uncommon card · No. 165752

Chile has a developing market economy. It is classified as a high-income economy by the World Bank, and is recognized as one of the most prosperous countries in South America. Chile leads the region in areas such as competitiveness, income per capita, globalization, economic freedom, and low levels of perceived corruption. Despite its prosperity, Chile experiences significant economic inequality, as reflected by its Gini index, though this is close to the regional average. Among Organisation for Economic Co-operation and Development (OECD) countries, Chile has a robust social security system, with social welfare expenditures amounting to approximately 19.6% of GDP. In 2006, Chile achieved the highest nominal GDP per capita in Latin America. In May 2010, it became the first South American nation to join the OECD. However, tax revenues, which were 20.2% of GDP in 2013, remained the second lowest among the 34 OECD countries, having been the lowest in 2010. Chile's inequality-adjusted Human...

Read on Wikipedia · Image Falk2, CC BY-SA 4.0