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Chile decisively rejects the proposed new leftist constitution giving a sigh of relief to the middle and upper classes.

Chileans rejected a new constitution in a referendum on Sunday, dealing a blow to a three-year campaign to overhaul politics and temper free-market policies that made the deeply unequal society an investor darling. With 48 per cent of the ballots counted, 62.6 per cent voted against a proposed charter drawn up over the past year by a popularly elected convention, compared with just 37.4 per cent for its approval. Chilean markets are likely to rally on Monday (Tuesday AEST). While polls had anticipated that…

Investing in Chile: FDI Hits Historic Record

Investing in Chile has hit a historic record in 2021, with $13.72 billion of foreign direct investment (FDI) entering the country in the first six months of the year — a 66% increase on the same period last year. That figure far exceeds the $8.23 billion that entered the country in the entire of 2020 and represents the highest level of FDI witnessed in a six-month period since current recording methods began in 2003 (all figures in USD). The record was announced by Chile’s central bank and offers just the…

Why the ‘Andean Three’ Will Bounce Back Quickly From Coronavirus

Latin America is the world’s coronavirus hotspot but some of its best-run economies – Peru, Colombia and Chile – look well placed to recover…… Emerging markets have been flattened by the stampede for the exit. The Institute for International Finance estimates that overseas investors pulled $95billion from emerging markets in the first quarter of 2020 – the EM largest outflow ever. Investors are right to be worried. Emerging markets tend to have bad health systems, cash-strapped governments and informal…

Chile’s drive to reinvigorate the agricultural co-operative economy continues

‘We have a very demanding international market in terms of volume and quality, and for that small farmers have to unite in co-operatives’ Chile’s agriculture minister Antonio Walker has announced a meeting of Congress in October to explore “the best legislation to reinvigorate modern co-operatives in Chile”. Speaking at a special session on co-operatives, organised by the senator of the Los Ríos region, Alfonso de Urresti, the minister said: “Co-operatives represent the most important…

The Overwhelming Case for Chile’s Private Social Security System

The United States and other western nations became rich during the 1800s thanks to a combination of rule of law and very small government. Sadly, very few nations – most notably East Asian tiger economies – have become rich in the modern era. Yes, some other countries have grown, but they are not on a path to converge with rich nations. Chile, however, may be an exception to that unfortunate pattern. It has enjoyed amazing levels of growth since a shift to free-market policies starting about…

Chile turns to Piñera to lead economic recovery

Sebastián Piñera, Chile’s billionaire former president, won the presidential election on Sunday, returning to the office he held from 2010-14 in the latest swing to the right in Latin America. The 68-year-old former airline magnate — whose anticipated victory propelled the local stock market to record highs this year after six years of stagnation — received 54.5 per cent of the vote, leaving his center-left rival Alejandro Guillier, a former television anchor, with 45.5 per cent, after 92 per cent of…

What is happening to Chile’s economy ?

Chile’s business community can seem a hysterical bunch at times, seeing socialism round every corner and warning of economic Armageddon. Business confidence in the world’s largest copper producer is now lower than it was when Lehman Brothers Holding Inc. declared bankruptcy in September 2008 and plunged the global economy into its worst post-war crisis. Consumers think the prospects for the economy over the next year are the worst since at least 2002. Seem exaggerated? That’s because it is. Economists…

Income gap shrinks in Chile, for better or worse

(This article was written by Eduardo Porter and was published in The New York Times on December 2, 2014) Chile is a stellar performer by almost any standard. Income per person has grown fourfold over the last quarter-century. Today,many Chileans, rightly, see their nation as within shouting range of the advanced industrial world. Yet for all its economic success, the shanties sprawling outside of town are a sharp reminder that Chile has still not shaken the curse that has plagued Latin America for centuries:…

Chile is the best country in Latin America and the Caribbean to do business

Chile is the best country in Latin America and the Caribbean to do business According to the latest ranking published by Forbes, Chile was ranked 24 ° among the best counties to do business worldwide and was the first in Latin America and the Caribbean. The ranking includes 134 countries. Peru, meanwhile, is ranked 42 ° at the international level and won second place in the region. Trinidad and Tobago is in third place (49 °), Mexico’s fourth (57 °) and Panama’s fifth (60). Uruguay (61 °),…
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