Chile ranks 17th in the world and first in Latin America on The Economist Intelligence Unit (EIU) index measuring “business environment.”
The country obtained a score of 7.43 out of a maximum of 10 for the five-year period spanning 2005-2009, in a ranking that measures the quality or the attractiveness of the business environment in 82 of the world’s largest economies, the national daily La Tercera reported this Monday, 5 April.
When consulted by journalist Miguel Bermeo, EIU senior analyst for Latin America Robert Wood said that Chile “was a pioneer in consolidating macroeconomic stability and promoting structural changes,” in addition to the fact that “it also enjoys greater political stability and effectiveness and its institutions are solid.”
“Wood explains that, despite the fact that Chile has a small economy, the quality of the business environment and the ease with which people can engage in business, thanks to the reforms that have been implemented, make it deserving of this first place,” added the report in the newspaper headquartered in Santiago.
According to the EIU, Chile’s situation could improve by 2014 and it could rise to 15th place with 7.94 points, as the country “will continue to progress, improving its high global standing, (because) the ranking is based on its long-term commitment to economic freedom, something that will not likely be called into question.”
“Chile obtained a score of 9.6 points on the 2005-2009 and the 2010-2014 rankings in the variable on foreign investment policies, while in commercial exchange it scored 9.1 points,” the report added.
“According to the EIU survey published this month, Chile has improved its policy effectiveness, market opportunities, labor market, and infrastructure. Meanwhile, there has been a downward trend in the assessment of areas like political stability (which measures the relationship between government and opposition, among other issues) and commercial exchange. The areas of politics, economic stability, and tax system, among others, show no variation in their scores between the two periods that were analyzed,” La Tercera concluded.