Chile will have highest growth in the OECD between 2010 to 2015
The country’s economy is predicted to expand 4.8% over the five-year period, with a 6.5% increase this year.
Monday, December 05, 2011
Santiago’s El Golf, the heart of Chile’s financial sector. (Photo: [WRZ]Panther/Flickr)
Chile’s economy will see the highest rate of growth among all nations in the Organization for Economic Cooperation and Development (OECD) in the period between 2010 and 2015, according to a new report issued by the OECD.
The twice-yearly Economic Outlook report, published November 28, 2011, predicts that the Chilean economy will expand by 4.83 percent in five years, and will grow by a full 6.5 percent in 2011.
This puts Chile ahead of all 34 nations that make up the OECD – an impressive position in an organization that includes the United States, most of Europe, South Korea and “many of the world’s most advanced nations,” according to the OECD website.
Chile was invited to join the OECD in May 2010, making it the first and only South American member country and the second in Latin America, alongside Mexico.
The 6.5 percent growth expected this year is higher than the 6.2 percent predicted for Chile as recently as November by the OECD, and will primarily be driven by internal demand and high copper prices. After this year, growth is expected to decelerate, in line with global trends.
The report also stated that unemployment in Chile will continue to fall, from 8.1 percent in 2010 to a predicted 7.2 percent in 2011 and 2012, and 7.3 percent in 2015.
The OECD predicts that Israel will have the second-highest growth rate between 2012 and 2015, at 4.38 percent. Both nations are well above the average estimated growth for OECD countries, which is hovering at 2.8%, and for Euro zone countries, at 2 percent.