1945

In 2009, Chile’s economy contracted by 1.5% as a result of the global financial crisis that broke out in the last quarter of 2008. From then through the first few months of 2009, the worsening market outlook in developed countries and especially in the international financial system led to a precipitous drop in both the price and the volume of exports. Expectations for growth, employment and income worsened, and private spending on investment and consumer durables fell sharply. The GDP growth rate thus slowed considerably, resulting in a drop in production and inventories and higher unemployment.

Related Subject(s): Economic and Social Development
Countries: Chile
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