2010 OECD Economic Surveys: Chile 2010

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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 finds that Chile is now emerging from the crisis and that the financial system has held up well, but that some areas of regulation and the fiscal framework need to be strengthened.  Chile needs to enhance productivity growth, broaden innovation policy beyond basic research, and improve the quality of education.

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Executive summary

Sound fundamentals and strong macroeconomic management have provided a buffer against the global economic recession, which nevertheless hit Chile both through a sharp deterioration in its terms of trade and the collapse of world trade. There was room for decisive macroeconomic stimulus thanks to sound monetary policy and prudent fiscal policy during the boom years. This, together with the rebound in copper prices – Chile’s main export – and the revival of global trade, has contributed to a turnaround in activity. The economy is now coming out of recession, yet unemployment is projected to remain initially high and inflation is likely to stay low. Macroeconomic policy should thus remain supportive in the near term. Assuming that the recovery becomes more robust, as projected, policy stimulus should be gradually withdrawn so as to set growth on a medium-term sustainable and non-inflationary path.

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