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In the last decades, Chile has made tremendous progress towards greater economic prosperity and lower poverty. Per capita income more than doubled over the past 20 years and is now the highest in Latin America. These progresses have now come to a halt. Since October 2019 Chile has faced two unprecedented shocks, the social protests and the COVID 19 outbreak.
In the last decades, Chile has made tremendous progress towards greater economic prosperity and lower poverty. Per capita income more than doubled over the past 20 years and is now the highest in Latin America. These progresses have now come to a halt. Since October 2019 Chile has faced two unprecedented shocks, the social protests and the COVID 19 outbreak. Income convergence was already slowing before these shocks amid modest productivity growth and while the past growth performance has lifted many Chileans out of poverty over the last three decades, income inequality remains high by OECD standards. However, such unprecedented times gives the opportunity to create consensus among citizens around major pending reforms, strengthen common values around the importance of having strong public services and the relevance of belonging to the formal sector. Achieving such economic and social improvements will require further progress toward reducing inequalities and building a stronger middle-class, raising productivity and the dynamism of SMEs, that will be especially impacted by the outbreak. Moreover, during the pandemic digital technologies are being critical to sustain continuity in business and jobs. Digitalisation will play an ever important role in the recovery, while addressing the persistent low productivity. SPECIAL FEATURE: DIGITALISATION, PRODUCTIVITY AND SKILLS
The Spanish economy entered a deep recession in 2020 due to the COVID-19 pandemic. A strong government response has protected jobs and firms. However, the crisis has exacerbated long-standing structural challenges, such as high unemployment, inequalities and regional disparities.
The quality of life of Chileans improved significantly over the last decades, supported by a stable macroeconomic framework, bold structural reforms, such as trade and investment liberalisation, and buoyant natural-resource sectors. A solid macroeconomic policy framework has also smoothed adjustment to the end of the commodity boom, contributing to low unemployment, resilient household consumption and a stable financial sector. Still, progress has recently slowed and Chile's catch-up in living standards is challenged by low and stagnant productivity and a still high level of inequality. Raising incomes and well-being further will depend on strengthening skills and greater inclusion of women and low-skilled workers in the labour force. Increasing the quality of education, reforms to ensure the training system benefits the unemployed and inactive and measures to reduce the segmentation of the labour market would enhance productivity and inclusiveness. Promising firms also still lack opportunities to grow, export and innovate, despite recent reforms to ease business entry costs and export procedures. Further simplification of trade and regulatory procedures, and reforms in the transport sector, would strengthen productivity and investment. SPECIAL FEATURES: BOOSTING EXPORT PERFORMANCE; POLICIES FOR MORE AND BETTER JOBS
After initial success in fighting the COVID-19 pandemic and a strong economic rebound, Turkey faces a resurgence of cases which puts pressure on the country’s health system, public resources, social cohesion and macroeconomic sustainability. Public finances offer room for government support to the households and businesses most in need, but this should be provided under a more transparent and predictable fiscal, quasi-fiscal, monetary and financial policy framework.
The French economy rebounded quickly following the COVID-19 crisis, in particular thanks to the acceleration of the vaccination campaign and strong public support measures. Rapid and effective implementation of the recovery and investment plans would help support stronger and more sustainable growth.
Indonesia experienced its first recession in over two decades in 2020, although large-scale fiscal stimulus and monetary support limited its depth and impact. The approval of an ambitious package of structural reforms, covering labour laws, taxes and ease of doing business, testifies of the authorities’ commitment to attract high-quality investment that will enhance wealth and well-being.
OECD's 2010 survey of Chile's economy. This edition focuses on four key issues currently challenging Chile: overcoming the crisis; strengthening fiscal policy; fostering productivity growth, and improving the quality of Chile's schools. The survey ...
OECD's 2012 Economic Survey of Chile examines recent economic developments and policies, progress in structural reform, reducing poverty in Chile through cash transfers and better jobs, and the housing market in Chile.
Chile’s economy recovered swiftly from the pandemic on the back of exceptionally strong policy support, which eventually led to a significant overheating of the economy. Inflation has risen amid buoyant private consumption, further aggravated by the Russian aggression on Ukraine.