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Chile's Minister of Finance Andrés Velasco: "Chile: Situación Económica y Escenario Global"

August 06, 2008

Speaking at AS/COA's annual Santiago conference on August 6, Chilean Minister of Finance Andrés Velasco presented a strong outlook for Chile's economy despite a global economic slowdown while acknowledging the challenges posed by rising inflation. He also outlined five points to transform economic challenges into opportunities.

In his presentation "Chile: Situación Económica y Escenario Global" Velasco off relevant global statistics on inflation and credit fears and how these affect Chilean economy. Some highlights include 4 percent GDP growth in the first 2008 semester, growing employment, and record levels of foreign direct investment.

The minister emphasized that Chile's economic growth has been affected by an energy crunch since 2007, advising the public and private sector to deal with the problem by focusing on energy savings, efficiency, and alternative renewable energy sources. Velasco forecasted that Chile can beat growing inflation with coordinated efforts by the government, industry, and consumers; he also underlined the importance to deepen social expenditures, to control public finances, and improve Chile's competitiveness despite global economic weakness.