The International Monetary Fund (IMF) raised the growth projections for Chile’s economy this year, changing it to 5% from the 4.7% forecasted in April.
The agency stated, “the Chilean economy has successfully endured two major negative impacts: the global financial crisis and the earthquake last February.”
After completing its annual assessment on September 13, the credit agency attributed the flexibility and resilience of the Chilean economy to the well-capitalized banking system and the absence of imbalances in the private sector.
“The large fiscal savings accumulated over the last decade enabled the authorities to implement a substantial fiscal stimulus in 2009 followed by an ambitious program of reconstruction after the earthquake,” he said.
The IMF maintained their prediction of 6% growth in 2011 hoping that “the economic recovery continues”.
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