Chile’s export growth has disappointed over the past two decades. In particular, exports of goods and services - in volume - have only grown at 1.1% annually over 2009-17 and at around 2.0% for non-copper products and services, compared to 4.2% in the average Latin American country.
Chile has been one of the fastest-growing economies in the OECD in recent decades. Sound macroeconomic management, bold structural reforms, such as trade and investment liberalisation, and buoyant natural-resource sectors, supported fast convergence in living standards.However, progress has slowed: declining productivity gains are limiting prospects for rising incomes and better-quality jobs; and inequality remains stubbornly high.
Chile should use upturn to address low productivity and high inequality
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This country note from Going for Growth 2017 for Chile identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Improving education and skills is the linchpin to reduce income inequality and boost productivity growth. This paper argues that to improve, and make better use of, the skills of the labour force, Chile could gain a lot from a comprehensive and consistent Skills Strategy along three pillars: developing, activating and using skills effectively.
The Chilean economy has had an extraordinary performance over the last decades with strong growth and declining poverty rates. This paper discusses how to achieve greater social inclusiveness against the background of weaker medium-term growth.
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This country note from Going for Growth 2015 for Chile identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
The paper discusses a number of policies that could help to make the Chilean labour market more inclusive and broaden the benefits of growth. These include expanding childcare, promoting a more flexible labour market and strengthening education and skills policies, among others.
Notwithstanding impressive progress, poverty and inequality remain high in Chile in OECD comparison, and the tax-benefit system does little to improve on this.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.