Chile is the best-evaluated economy in Latin America and, indeed, one of the best-evaluated among emerging economies worldwide. Its sustained economic growth and social progress have been highlighted by different international organizations and in 2010 it became the first country in South America, and the second in Latin America, to join the Organisation for Economic Co-operation and Development (OECD).
In the eight years from 2004 to 2011, Chile’s GDP grew at an average annual rate of 4.8%, according to the Central Bank of Chile. In 2011, despite the first effects of the European crisis which were felt in the latter part of year, GDP expanded by 6.0% to US$248.6 billion. As a result, per capita income reached US$14,394 and, in purchasing power parity terms (PPP), US$17,361. On the basis of recent performance, the Chilean Central Bank anticipated that Chile grew by 5.5% in 2012. If this growth trend is maintained, Chile will have South America’s second highest per capita income by 2016.
Chile’s advantages as a place in which to do business have been further highlighted by the Doing Business 2012 Report published by The World Bank. According to this report Chile is the easiest Latin America economy in which to do business ranking 56 places above the regional average, and its performance on protecting investors and starting a business are among the best in the world.