Tuesday, 27 November 2012 22:11
Chile’s GDP growth leads in a slowly recovering global economy.
While the global economy continues to slowly inch upward, Chile is leading the way among advanced economies, according to a Tuesday report by the Organization for Economic Cooperation and Development (OECD). Chile registers the highest growth rates among OECD members, which make up some of the world’s most advanced economies, reaching 5.4 percent in 2014.
On the other hand, the OECD predicted a “hesitant and uneven recovery” for the global economy over the course of the next two years, predicting a 2.3 percent growth by 2014.
According to the OECD, economic growth in Chile has been propelled by a combination of positive results, namely strong domestic demand, boosted consumer confidence and increased investment. More specifically, the OECD said real wage and employment growth improved consumer confidence, which in turn led to heightened consumption. Investment in mining, energy and real estate has also grown, and inflation has remained steady in the lower margin of the Central Bank’s tolerance range of 2 to 4 percent.
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