Chile’s vigorous recovery after the global recession of 2008-09 and the devastating earthquakes and tsunamis of early 2010 has lost some momentum, as the world economy has turned down. GDP is projected to grow by 6½ per cent in 2011, but to ease to 4% in 2012. Provided that confidence improves and the global economy picks up again later in 2012, growth in Chile should rise to around 5% in 2013. However, as a small, very open economy with a large share of copper in total exports (close to 60% in 2010) Chile would be vulnerable to a sharper than expected global downturn, notwithstanding the fact that it recovered fast after the global crisis of 2008/2009 and proved resilient to the earthquakes and tsunamis in 2010.