Chile: An Overview   Mr. Carlos Mladinic   New Dehli, November 2007
Chile at a Glance (2006)Population:                     16.3 MGDP:                        USD 145 BGDP per capita:        ...
Labor and Education • Total Labor Force : 6.1 million                                          More than 60 Universities •...
Chile, An Attractive Place to do Business    Chile is one of the most competitive countries in the world in               ...
The Best Places to Do Business         Ranking of the Best Places to Do Business in the Next Five Years (2006-2010)       ...
Ease of Doing Business 2008                                           (Out of 178 economies)       Singapore              ...
Best Latin American Cities to do Business                                             (Out of 42 cities)             Santi...
Success FactorsChile’s dynamic business environment is the result of a policy-driven strategy that has focused on:    • Bu...
The Chilean EconomyToday, the Chilean economy is very well positioned to weatherglobal macro and market uncertainty thanks...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Chile: GDP Growth (1990-2006)14                 12,312                                    10,610             8,0          ...
GDP Growth (1990-2006)            China                                                                                   ...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Industrial Output                     (August 2006-August 2007, 12-monthly var.)8%                                        ...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Investment at record levels (% of GDP)25%                                                                                 ...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
E                           n                                      5,0                                            6,0     ...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Low Inflation Rate6%5%4%3%2%1%0%   Ene-03 Jul-03 Ene-04 Jul-04 Ene-05 Jul-05 Ene-06 Jul-06 Ene-07 Jul-07-1%-2%
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Fiscal balance pre- & post rule (% GDP) 12%                                                                               ...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Chile’s Trade with the World 1990 - 2006Chile is a “global trader” as it is reflected in this chart (with an ascending ten...
Chile’s Trade with the World                                 (Exports, 2006)               OthersNafta            3%      ...
Chile’s Trade with the World                                (Imports, 2006)                OthersNafta             3%     ...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
0             50                  100                        150                              200                         ...
A measure of the “real” copper price (deflated by US PPI) reveals strength of recent appreciation     350     300     250 ...
Exports by quantity: robust despite copper             price appreciation    170    160    150    140    130    120    110...
The Chilean Economy•   Record of strong growth•   High growth of industrial output•   Record investment rates•   Record em...
Very Low Country Risk                        Sovereign Spread: EMBI Global Spread                  (Monthly averages, in b...
A Further Competitive EdgeAs well as these sound macroeconomic indicators, Chile has theadvantage of:   •   A growing netw...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
Chile’s Trade                          EU              EFTA                      Canada                           (Europea...
SpainDouble_taxatio               Portugal         Norway                                              Denmarkn Agreements...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
Corruption Perceptions Index 2007                       (Out of 180 countries; 1 = least corrupt)   New Zealand           ...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
% of                                                               % of                                                   ...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
World Competitiveness Scoreboard (IMD)                            (Out of 66 economies)           USA                     ...
Global Competitiveness Index 2006 (WEF)                                  (Out of 125 countries)   Switzerland             ...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
Economic157 economies)                  (Out of                          Freedom Index     Honk Kong                      ...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
The Networked Readiness Index 2006–07                              (Out of 122 economies)    Denmark                      ...
A Further Competitive Edge•   A growing network of Free Trade Agreements•   High levels of transparency•   Strong institut...
Human Development Index                               (Out of 177 countries)        Norway                                ...
Why all theseeconomic indicatorsare important?
Reduction of Poverty (1990-2006)40   38,63530            25,625                    23,2                                   ...
Economic Growth, Trade and Poverty (1990-2006)                120                                                         ...
Chile: An Overview   Mr. Carlos Mladinic   New Dehli, November 2007
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  • The Business Environment Rankings 2006-2010 published by the Economist Intelligence Unit (EIU) ranked Chile as the world’s 22nd most attractive economy in which to do business over the next five years. In the ranking of 82 nations --led by Denmark, Finland and Canada-- Chile was positioned between Spain and Israel and ahead of other emerging economies.
  • Similarly, a recent ranking by the World Bank puts Chile in a leading position in terms of ease of doing business, ahead of Spain and Italy.
  • 1990-2006: 5.5% annual average; 5.7% in 2007
  • up by 12% to 25% of GDP
  • However, 12-monthly inflation was running at 5.8% in September (well above the Central Bank’s target of 3%). This is mainly a consequence of higher energy prices - due to increasing natural gas cuts from Argentina and lower rainfall - and to higher food prices following an unusually cold winter that damaged fruit and vegetable crops.
  • Thanks mainly to copper windfall
  • Average 121 bps over USTBs during September 2007
  • Notas: Desde hace 15 años, Chile viene implementando una política comercial basada en la apertura de su economía, apoyando la liberalización multilateral del comercio ante la OMC, así como en APEC. Pero, sin duda, la opción por el bilateralismo ha sido nuestra prioridad, consiguiendo para Chile notables resultados en la negociación de Acuerdos de Libre Comercio. En la actualidad, Chile tiene en vigencia 15 Acuerdos Comerciales, con más de 50 países, abarcando un mercado potencial de 3.400 millones de habitantes.
  • Notas: Desde hace 15 años, Chile viene implementando una política comercial basada en la apertura de su economía, apoyando la liberalización multilateral del comercio ante la OMC, así como en APEC. Pero, sin duda, la opción por el bilateralismo ha sido nuestra prioridad, consiguiendo para Chile notables resultados en la negociación de Acuerdos de Libre Comercio. En la actualidad, Chile tiene en vigencia 15 Acuerdos Comerciales, con más de 50 países, abarcando un mercado potencial de 3.400 millones de habitantes.
  • Notas: Desde hace 15 años, Chile viene implementando una política comercial basada en la apertura de su economía, apoyando la liberalización multilateral del comercio ante la OMC, así como en APEC. Pero, sin duda, la opción por el bilateralismo ha sido nuestra prioridad, consiguiendo para Chile notables resultados en la negociación de Acuerdos de Libre Comercio. En la actualidad, Chile tiene en vigencia 15 Acuerdos Comerciales, con más de 50 países, abarcando un mercado potencial de 3.400 millones de habitantes.
  • 2007_11_Chile: An overview

    1. 1. Chile: An Overview Mr. Carlos Mladinic New Dehli, November 2007
    2. 2. Chile at a Glance (2006)Population: 16.3 MGDP: USD 145 BGDP per capita: USD 8.9 K Time zoneIncome per capita (PPP): USD 12.9 K alignmentFDI (net inflow): $6.7 billionAnnual inflation: 2.6%Unemployment: 6%Adult literacy rate: 96%Corporate tax: 17%Remitted Profits Tax: 35%(corporate tax is credited towards Overnightremitted profits) flights to the U.S.Tariffs • General 6% • Hardware 0% • 95% of imports pay no tax (FTAs)
    3. 3. Labor and Education • Total Labor Force : 6.1 million More than 60 Universities • Labor Force in Santiago: 2.8 million 48 Professional Institutes • Education: - Primary: 98.6% 109 Technical Centers - Secondary: 90% 21 MBA Programs - Professional: 31.4% Education Average (years) 1992 2002 National 7.5 8.5 Labor Force 9.2 10.5Source: Ministry of Education of Chile (www.mineduc.cl), National Institute of Statistics (www.ine.cl ),2006
    4. 4. Chile, An Attractive Place to do Business Chile is one of the most competitive countries in the world in terms of its positive business environment.• Business Environment Rankings (Economist Intelligence Unit)• Ease of Doing Business (World Bank)• Best Latin American Cities to do Business (America Economía)
    5. 5. The Best Places to Do Business Ranking of the Best Places to Do Business in the Next Five Years (2006-2010) (Out of 77 economies) Denmark 1 Canada 3 United Kingdom 7 United States 8 Chile 22 Malaysia 25 Korea 26 Czech Republic 27 Poland 37 T hailand 40 South Africa 41 Mexico 42 Brazil 45 China 50 Russia 62 Pakistan 74 Developed countries Other emerging LATAMSource: Economist Intelligence Unit (www.eiu.com)
    6. 6. Ease of Doing Business 2008 (Out of 178 economies) Singapore 1 United States 3 Ireland 8 Finland 13 Thailand 15 Malaysia 24 France 31 Chile 33 Portugal 37 Spain 38 Mexico 44 Italy 53 Peru 58 Colombia 66 Poland 74 China 83 Uruguay 98 Paraguay 103 Argentina 109 Ecuador 128 Bolivia 140 Venezuela 172 Developed countries Other emerging LATAMSource: World Bank (www.doingbusiness.org)
    7. 7. Best Latin American Cities to do Business (Out of 42 cities) Santiago (Chile) 1 Sao Paulo (Brazil) 4 Buenos Aires (Argentina) 5 Mexico City (Mexico) 10 Bogota (Colombia) 11 Lima (Peru) 14 Montevideo (Uruguay) 20 Quito (Ecuador) 39 Asuncion (Paraguay) 40 La Paz (Bolivia) 41 Caracas (Venezuela) 42Source: America Economia (www.americaeconomia.com)
    8. 8. Success FactorsChile’s dynamic business environment is the result of a policy-driven strategy that has focused on: • Building sound macroeconomic fundamentals through a rules-based policy framework (characterized by a floating exchange rate, inflation targeting and a structural fiscal surplus rule) • Advancing democracy, political freedom and civil liberties • Actively encouraging international integration through free trade agreements and FDI • Implementing strong social policies to promote social cohesion so all citizens benefit from economic growth
    9. 9. The Chilean EconomyToday, the Chilean economy is very well positioned to weatherglobal macro and market uncertainty thanks to its solidfundamentals, characterized by: • Record of strong growth • High growth of industrial output • Record investment rates • Record employment levels • Low inflation rate • Large fiscal surplus • An export oriented economy • Favorable outlook for the price of copper • Very low country risk
    10. 10. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    11. 11. Chile: GDP Growth (1990-2006)14 12,312 10,610 8,0 7,4 7,08 6,6 6,0 5,7 5,7 5,76 4,5 4,0 4,0 3,7 3,5 3,34 2,220 -0,8-2 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007*
    12. 12. GDP Growth (1990-2006) China 9,8 Ire land 6,5 India 6,1 Chile 5,5 Indone sia 4,6 Luxe mbourg 4,5 Colombia 3,3 M e xico 3,2 Australia 3,2 Spain 3,1 United State s 2,9 New Ze aland 2,7 Portugal 2,5Unite d Kingdom 2,4 Brazil 2,3 Denmark 2,2 France 1,8 Japan 1,6 Russia 1,5 Italy 1,4 0 1 2 3 4 5 6 7 8 9 10 Developed countries Other emerging LATAM
    13. 13. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    14. 14. Industrial Output (August 2006-August 2007, 12-monthly var.)8% 6,7%6% 5,2% 5,2% 4,5% 4,6% 4,0% 4,0%4% 3,0% 2,9% 2,4%2% 1,6% 1,2%0%-2% -2,6%-4% Ago-06 Ago-07 Nov-06 Ene-07 Jun-07 Abr-07 Oct-06 Dic-06 Jul-07 May-07 Sep-06 Feb-07 Mar-07
    15. 15. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    16. 16. Investment at record levels (% of GDP)25% 24, 7% 24, 3% 24, 2% 24, 2% 24, 1% 24, 1% 24, 3%24% 23, 5%23% 22, 6%22% 21, 7% 20, 9%21% 20, 3% 20, 0% 20, 0%20%19%18%17% 1trim-04 2trim-04 3trim-04 4trim-04 1trim-05 2trim-05 3trim-05 4trim-05 1trim-06 2trim-06 3trim-06 4trim-06 1trim-07 2trim-07
    17. 17. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    18. 18. E n 5,0 6,0 7,0 8,0 9,0 10,0 11,0 12,0 e- 04 M ar -0 M 4 ay -0 4 Ju l- 04 S ep -0 4 N o v- 04 E n e- 05 M ar -0 M 5 ay -0 5 Ju l- 05 SUnemployment ep -0 5 N o v- 05 E n e- 06 M ar -0 M 6 ay -0 6 Ju l- 06 S ep -0 N 6 o v- 06 EDeseasoned Unemployment n e- 07 M ar -0 M 7 ay -0 Unemployment (% of labor force) 7 Ju l- 07 S ep -0 7
    19. 19. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    20. 20. Low Inflation Rate6%5%4%3%2%1%0% Ene-03 Jul-03 Ene-04 Jul-04 Ene-05 Jul-05 Ene-06 Jul-06 Ene-07 Jul-07-1%-2%
    21. 21. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    22. 22. Fiscal balance pre- & post rule (% GDP) 12% Política Fiscal 10% 7,7% 7,5% 8% 6% 4,8% 4,6% 4% 3,1% 2,4% 2,1% 2,2% 2,0% 2,1% 1,6% 1,4% 1,5% 2% 1,0% 1,0% 1,0% 1,0% 1,0% 0,4% 0,6% 0,7% 0,5% 0% -0,7% -0,5% -0,4% -2% -1,2% -2,1% -4% 2008 (p) 2007 (e) 1990 1991 1992 1994 1995 1996 1998 1999 2000 2002 2003 2004 2006 1993 1997 2001 2005 Efectivo EstructuralSource: Ministry of Finance
    23. 23. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    24. 24. Chile’s Trade with the World 1990 - 2006Chile is a “global trader” as it is reflected in this chart (with an ascending tendency) 90.634 70.000 65.000 69.192 60.000 E xports repres ent 62% E xports repres ent 62% of C hile’s total exchange 55.000 53.914 of C hile’s total exchange with the world 50.000 58.995 with the world 45.000 38.291 39.252Millones de US$ 40.000 35.129 35.268 35.000 32.205 31.841 33.430 30.000 29.937 33.902 22.794 31.357 25.000 31.460 20.000 19.383 17.405 19.958 15.000 16.602 18.425 17.668 17.676 20.627 16.454 15.395 17.017 15.915 8.580 14.754 10.000 11.645 9.049 9.927 9.414 5.000 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 Source: General Directorate for International Economic Affairs
    25. 25. Chile’s Trade with the World (Exports, 2006) OthersNafta 3% Asia22% 33% South Asean Others 5% Korea China 10% Europe LA 18% 26% 29% 13% India 8% Japan 33% Source: General Directorate for International Economic Affairs
    26. 26. Chile’s Trade with the World (Imports, 2006) OthersNafta 3% Asia22% 33% South Asean Others 5% Korea China 10% 18% 26% Europe LA 29% 13% India 8% Japan 33% Source: General Directorate for International Economic Affairs
    27. 27. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels and rising wages• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    28. 28. 0 50 100 150 200 250 300 350 400Jan/99Jul/99Jan/00Jul/00Jan/01Jul/01Jan/02Jul/02Jan/03Jul/03Jan/04Jul/04Jan/05Jul/05Jan/06Jul/06 appreciating the exchange rateJan/07Jul/07 Recent sustained copper price rise risks
    29. 29. A measure of the “real” copper price (deflated by US PPI) reveals strength of recent appreciation 350 300 250 200 150 100 50 - 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005Spot LME copper price deflated by the US PPISource: Cochilco & Central Bank of Chile
    30. 30. Exports by quantity: robust despite copper price appreciation 170 160 150 140 130 120 110 100 90 80 1trim-04 2trim-04 3trim-04 4trim-04 2trim-05 4trim-05 2trim-06 4trim-06 1trim-07 2trim-07 1trim-05 1trim-06 3trim-06 3trim-05 Cobre No CobreSource: Central Bank of Chile
    31. 31. The Chilean Economy• Record of strong growth• High growth of industrial output• Record investment rates• Record employment levels and rising wages• Low inflation rate• Large fiscal surplus• An export oriented economy• Favorable outlook for the price of copper• Very low country risk
    32. 32. Very Low Country Risk Sovereign Spread: EMBI Global Spread (Monthly averages, in basis points over USTBs) 249 243 232250 226 203 200 189 192 176 176200 164 167 161 165 168 160 152 138 140 144 129 134 129150 121 121 108 90 82 80 80100 50 0 Abr-07 May-07 Jun-07 Jul-07 Ago-07 Sep-07 Global Latin America Asia Europe Chile
    33. 33. A Further Competitive EdgeAs well as these sound macroeconomic indicators, Chile has theadvantage of: • A growing network of Free Trade Agreements • High levels of transparency • Strong institutions • Competitiveness • A Freedom Economy • High levels of connectivity and Internet use • Excellent quality of life
    34. 34. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    35. 35. Chile’s Trade EU EFTA Canada (European Free Trade Association,Agreements Iceland-Norway- Suitzerland- Liechtenstein) USA China Turkey South Korea Mexico Japan Cuba El Salvador Vietnam Costa Rica New Zealand Malaysia Guatemala Brunei Panama Colombia Honduras Peru Uruguay Paraguay Singapore Argentina Australia Brazil In Force Bolivia India Venezuela Signed Ecuador Under Negotiation Chile has Preferential Market Access to 86% of world GDP
    36. 36. SpainDouble_taxatio Portugal Norway Denmarkn Agreements UK Sweeden Poland France Croatia Canada Switzerland Belgium Hungary Ireland Holland Czech Republic Russia Italy Finland South Korea USA Mexico Cuba Malaysia China India Argentina Brazil South Africa In Force Ecuador Australia New Zealand Peru Signed Paraguay Under Negotiation Colombia Venezuela
    37. 37. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    38. 38. Corruption Perceptions Index 2007 (Out of 180 countries; 1 = least corrupt) New Zealand 1 Australia 11United Kingdom 12 United States 20 Chile 22 Spain 25 Portugal 28 Italy 41 South Korea 43 Turkey 64 China 72 Argentina 105 Russia 143 Developed countries Other emerging LATAM Source: Transparency International (www.transparency.org)
    39. 39. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    40. 40. % of % of Pupulati Pupulati on on Quality of Institutions (Out of 125 economies) Finland 1 Singapore 4 Germany 7New Zealand 8 Ireland 17 Chile 25United States 27 Spain 36 Korea 47 Mexico 69 Italy 71 China 80 Brazil 91 Developed countries Other emerging LATAM Source: World Economic Forum (www.weforum.org)
    41. 41. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    42. 42. World Competitiveness Scoreboard (IMD) (Out of 66 economies) USA 1 Australia 12United Kingdom 20 Chile 26 India 27 Spain 30 Russia 43 Mexico 47 Brazil 49 Poland 52 Croatia 53 Venezuela 55 Developed countries Other emerging LATAM Source: IMD, 2007
    43. 43. Global Competitiveness Index 2006 (WEF) (Out of 125 countries) Switzerland 1 USA 6 Japan 7United Kingdom 10 Chile 27 Spain 28 Italy 42 India 43 Poland 48 China 54 Russia 62 Colombia 65 Ukraine 78 Developed countries Other emerging LATAM Source: World Economic Forum, 2007
    44. 44. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    45. 45. Economic157 economies) (Out of Freedom Index Honk Kong 1 United States 4United Kingdom 6 Chile 11 Japan 18 Germany 19 Spain 27 Portugal 43 France 45 South Africa 52 Italy 60 Indonesia 110 China 119 Developed countries Other emerging LATAMSource: Heritage Foundation (www.heritage.org)
    46. 46. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    47. 47. The Networked Readiness Index 2006–07 (Out of 122 economies) Denmark 1 Switzerland 5United States 7 United 9 France 23 Chile 31 Spain 32 Czech 34 Italy 38 India 44 South Africa 47 Mexico 49 Turkey 52 Brazil 53 Costa Rica 56 Poland 58 China 59 Argentina 63 Russia 70 Developed countries Other emerging LATAM Source: World Economic Forum (www.weforum.org)
    48. 48. A Further Competitive Edge• A growing network of Free Trade Agreements• High levels of transparency• Strong institutions• Competitiveness• A Freedom Economy• High levels of connectivity and Internet use• Excellent quality of life
    49. 49. Human Development Index (Out of 177 countries) Norway 1United Kingdom 18 Chile 38 Croatia 44 Mexico 53 Malaysia 61 Russia 65 Brazil 69 Thailand 74 China 81 Turkey 92 Indonesia 108 South Africa 121 Developed countries Other emerging LATAM Source: United Nations Development Programme
    50. 50. Why all theseeconomic indicatorsare important?
    51. 51. Reduction of Poverty (1990-2006)40 38,63530 25,625 23,2 20,220 17,5 14,6 13,715 13,0 10,510 5,7 5,6 5 3,2 0 1990 1996 2000 2006 Total Poverty Non Extreme Poverty Extreme Poverty
    52. 52. Economic Growth, Trade and Poverty (1990-2006) 120 45 40 100 35 % of Population US$ Billions 80 30 25 60 20 40 15 10 20 5 - 0 1990 1992 1994 1996 1998 2000 2003 2006 PIB TRADE POVERTY
    53. 53. Chile: An Overview Mr. Carlos Mladinic New Dehli, November 2007

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