Chile itself is in an enviable position, having squirrelled away $20-billion during the boom times to pay down foreign debt. This left it plenty of room for a $4-billion stimulus package when the economy went off the rails last fall. “It spent no money on bank bailouts,” Mr. McKeough notes.
The country's economy is forecast to shrink by a half of one per cent this year, compared with a 2.75-per-cent drop in gross domestic product for Canada and the United States, 4 per cent for Western Europe and 6 per cent for Japan, he added.
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