Rebalancing
BB2
MEDIUM RISK
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in May 2024.
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GDP | USD 301.0bn (World ranking 46, World Bank 2022) |
Population | 19.6mn (World ranking 64, World Bank 2022) |
Form of state | Presidential republic |
Head of state | Gabriel Boric (President) |
Next elections | 2025, General |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Chile/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720687529774/plus.png)
- Natural resource base: Chile is the largest copper producer in the world, but also benefits from other minerals, forestry and agriculture
- Strong medium-term growth
- Business-friendly environment
- Sound macroeconomic policy framework
- Widely accepted, democratic political system with successive peaceful transfers of power
- Classified as an OECD high-income economy
![Weaknesses](/en_global/economic-research/country-reports/Chile/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720687542983/minus.png)
- Sensitive to commodity prices, particularly copper
- High level of income inequality
- Numerous strikes and political street protests could trigger instability
- Statist policies will increase the cost of doing business
- Rising political polarization
- Could benefit from a more inclusive skilled workforce
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
China
39.4%
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1 |
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United States
13.9%
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2 |
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Japan
7.6%
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3 |
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South Korea
6.2%
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4 |
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Brazil
4.6%
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5 |
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Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Metalliferous ores and metal scrap
27.5%
|
1 |
16.7%
Petroleum, petroleum products and related materials
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Non-ferrous metals
22.5%
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2 |
11.3%
Road vehicles
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Inorganic chemicals
10.9%
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3 |
4.1%
Other industrial machinery and parts
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Vegetables and fruits
8.1%
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4 |
3.8%
Articles of apparel & clothing accessories
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Fish, crustaceans, molluscs and preparations thereof
8.1%
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5 |
3.4%
Specialised machinery
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Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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