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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Chile GDP Growth Rate (1961–2023)
Chile's economic trajectory reflects dramatic shifts driven by political and economic reforms, external shocks, and structural adjustments. In the 1960s, growth varied, with a notable 11.2% in 1966. The 1970s were tumultuous, with a steep decline of -12.9% in 1975 due to economic turmoil following political upheavals and the implementation of new economic policies.
The 1980s and 1990s marked a period of economic liberalization and strong recovery, with growth peaking at 11.2% in 1992, propelled by export diversification and a free-market economy. However, the Asian financial crisis of 1998 triggered a contraction and slowed growth to -0.3% in 1999.
Chile’s growth remained moderate until the global financial crisis in 2009, which resulted in a -1.1% contraction. The economy rebounded, with a peak of 11.3% in 2021, driven by a commodities boom and stimulus efforts following the pandemic-induced -6.1% in 2020. Growth slowed to 0.2% in 2023, reflecting global headwinds and internal economic adjustments.
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