2003 OECD Economic Surveys: Chile 2003

image of OECD Economic Surveys: Chile 2003

This 2003 edition of OECD's periodic review of Chile's economy includes special features on financial markets, labour markets and social policies and product market policies.

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Squaring Policies with International Competitiveness

The Chilean economy is highly dependent on international demand. Exports of goods and non-factor services, accounting for roughly 30 per cent of GDP, are a major source of growth. But small emerging economies like Chile face tough international competition. A much debated question in this context has been whether the persistent Chilean specialisation in primary commodities is a handicap for sustained growth. Dependence on a narrow range of commodities has exposed the Chilean economy to large fluctuations in the terms of trade and international demand. These have not been easy to accommodate...

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