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Sebastián Piñera tries to put Chile back on track

A former president returns, with reforms on his mind In his first term in the Moneda palace between 2010 and 2014, Sebastián Piñera, a billionaire businessman of the center-right, oversaw rapid economic growth but failed to inspire popular affection due to a lack of charisma. After an interlude in which Chile swung left under Michelle Bachelet, Piñera has been back as president since March. Second terms often disappoint—Bachelet’s did—but Piñera says he has learned from experience. “There’s no…

Chile’s economic success was no accident

The World Bank and IMF believe that Chile’s economic success is, in large part, due to the neo-liberal, export-oriented policies adopted by the military government back in 1973 and pursued to the present. These are policies based on the underlying principle of free trade and comparative advantage, which underpin the rationale of the GATT and the international trading system. CHILE’S  ECONOMIC MIRACLE  For the European visitor, the area around Chile’s capital city is reminiscent of the southern…

Latam Investor Q3 2018 Report

With 80% of the region’s population going to the polls in 2018, this year was always going to be seminal for Latin America. With elections in Chile, Mexico and Colombia already completed we can now see some outlines appearing on the political map of Latin America for the next few years. Meanwhile, with commodity prices from copper to oil moving upwards, the economic dynamic is also becoming clearer. In Chile and Colombia, right-wing candidates have come back to power. Both are lucky to win an election when…

Chile registers record foreign direct investment in first quarter

InvestChile, the Foreign Investment Promotion Agency, reports the South American country registered direct foreign investment flows of US$ 6,875 million in the first quarter of this year, according to figures published by the Chile Central Bank. The amount, which represents an increase of 167% compared to the same stretch of 2017, is higher than the annual total entered in 2017 when US$ 6,419 million were received. Likewise, it is the second highest figure for the period in fifteen years. The director of InvestChile,…

Chile Political Overview: Elections and its economy

It can be difficult for foreigners to find information (in English) regarding the upcoming elections in Chile. BNamericas has recently released a new report that outlines political risk in different Latin American countries. The aim of the report is to track and put into perspective all political news that impacts the real economy. Below we have summarized some of the main points from the report:. Chile is Latin America’s most stable country but is going through a challenging period marked by low growth…

Chile to change the most radical of Pinochet economic legacies

One of Pinochet economic legacies is about to be changed. Chile’s President Michelle Bachelet proposed changes to the most radical of all the economic reforms of former dictator Augusto Pinochet — the private pension system that inspired a wave of similar projects worldwide. For the first time, companies will have to contribute to the system, which until now depended on payments by workers to private savings accounts, Bachelet said in a televised address to the nation late Tuesday, August 9. The proposals…

In Chile, Indigenous Groups Push Back developments slowing growth

Negotiations with Indigenous Groups as well as mounting environmental awareness by the general public have slowed or blocked more than $20 billion US in power stations, gold and copper mines, and transmission lines, according to company statements and a study by Matias Abogabir, head of indigenous affairs during former President Sebastián Piñera’s administration.(Abogabir now advises companies on indigenous relations.) After a decade-long copper boom that made Chile the richest country in Latin America,…

Southern Chile economy is booming

The Southern region of Chile has the most dynamic and fastest-growing economy in the country. Magallanes region in the extreme south of Chile, was the most dynamic of the country’s economy during the third quarter of the year according to the latest release from the local stats office, INE. This contrasts with the rest of the fourteen regions of the country of which six, reported negative growth. The Regional Economic Activity Indicator, Inacer, showed that in the third quarter, the regions of Magallanes,…