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Finance: Chile's per capita GDP will reach $19,000 this year

Economia Y Negocios
 
Translated from the original article found here: http://www.economiaynegocios.cl/busqueda/noticia.asp?id=101287
 
Saturday, October 6, 2012 - The figure is more than U.S. $17,974 projected by the IMF for 2012. The difference is explained by the nearly 500,000 Chileans established unless the last Census.

About 150 local economists yesterday participated in the seminar "Towards Development Chile", third meeting organized at the Palace of La Moneda by the Ministry of Finance and was attended by the Nobel Prize in Economics, Robert Merton, the economist Lawrence Kotlikoff of Boston University, Edward Glaeser, Professor of Economics at Harvard University, Andreu Mas-Colell, professor at the University Pompeu Fabra in Barcelona, ??Edward Leamer, professor at the UCLA Anderson School of management and New York University economist, Nouriel Roubini.

As commented present in the private appointment, the first speaker was the Minister Felipe Larrain, who at the end of his presentation revealed a fact that generated surprise: in late 2012, GDP per capita in Chile, adjusted for purchasing power parity purchase, will reach U.S. $19,099, up from U.S. $17,974 projected by the International Monetary Fund (IMF) this year.

With this, the local economy has the highest GDP per capita in Latin America-Argentina-beating and reach levels of countries such as Croatia and Lithuania. The reason? The nearly 500,000 Chileans unless the 2012 Census showed about 17 million initially estimated. According to sources of finance, the calculation was made on the IMF's projection for the Chilean GDP in 2012 (U.S. $316.516 million) and divided by the projected population for the year by the INE, totaling 16,572,475 in total.

One of the exhibitors, Spanish Andreu Mas-Colell, did not stop to comment to the figure presented by Larrain. "I will propose a good way to solve the situation in Catalonia: a census," joked economist before starting his presentation, he noted one of those present at the meeting.

The new estimate closer to Chile to the barrier of U.S. $20,000 per capita, border dividing the economies considered "developed". With that level of income problems disappear as child malnutrition, tuberculosis and extreme poverty, to improve a number of social indicators. Countries like the U.S., Canada, Kuwait and Japan overcame this barrier in 1990, while ten years later did nations like Spain, Israel, Taiwan and New Zealand.

Prior to the conference, Larrain and foreign economists made a point release. On occasion, Roubini said that Chile is a safe place for foreign investors. Moreover, economists told attendees at the meeting raised issues such as the use of insurance to fit in front of Chile eventual fall of copper.



 
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