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The economy of Chile is a market economy and high-income economy as ranked by the World Bank. The country is considered one of South America's most prosperous nations, leading the region in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption.
- calendar year
- Chilean peso (CLP)
- 19,250,195 (2022)
Apr 12, 2024 · Chile has a recognized track record in development, with strong economic dynamism in recent decades. However, growth has been slowing down, stagnating productivity and progress in equity. 30% of the population is economically vulnerable and income inequality is high.
Chile’s economy recovered swiftly from the pandemic on the back of exceptionally strong policy support, which eventually led to a significant overheating of the economy. Inflation has risen amid buoyant private consumption, further aggravated by the Russian aggression on Ukraine.
The economy will grow in 2024, spurred by firm external demand for copper and lithium exports, disinflation, and by an aggressive easing cycle pursued by the Banco Central de Chile (the central bank), which will bolster private consumption and investment.
Feb 15, 2024 · Chile’s economy is at a crossroads. Strong policies have successfully brought down high inflation and reduced the large current account deficit that emerged during the pandemic. Increases in social benefits have provided some relief in response to discontent over inequality.
The latest World Bank data, research, and development indicators for Chile. Access economy facts, statistics, project information, development research from World Bank experts, and breaking news.
Chile has experienced tremendous economic progress and sustained poverty reduction over the past decades (Figure 1). During 2020, Chile faced an unprecedented recession after two large shocks, the social protests at the end of 2019 and the COVID-19 outbreak.
