The South American country has become the first country in all of Latin America to transition from developing nation to developed status, made all the more real by its inclusion into the Organization for Economic Cooperation and Development, or OECD for short, or the “Club of Rich Nations” for posterity.
“Chile’s center-left governments have used such programs to cut poverty from 45 percent in the 1980s, to just 14 percent today – the lowest in Latin America. But Chile’s also known for its prudent economic stewardship. It’s gone from debtor nation to creditor, its economy is among the world’s most open.”
The current center-left government (which is seeing a competative race for the presidency by the center right billionaire, Sebastian Pinera) expects Chile to have a GDP in the ballpark of smaller European nations, like Portugal, within ten year’s time.
And to think, it wasn’t too long ago that they were under the stewardship of dictator Augusto Pinochet.