Reports LATIN AMERICAN FOCUS
The radical overhaul of Chilean society and its economy comes in the
Despite significant growth over the last few decades, Chile’s free market-oriented economic model has failed to address inequality. Chile successfully reduced its poverty rate thanks to a solid macroeconomic framework built on the back of a copper boom, but in 2019 Chile ranked as one of the most unequal countries among a group of 30 of the world's wealthiest nations.
Anger had been simmering over economic inequalities, living costs and rising debt for years, but this finally boiled over into riots in 2019. A wave of violent protests left as many as 26 people dead over two months, sparked by a price increase for subway tickets in the capital, Santiago. A number of cities in Chile were placed under a state of emergency as protestors took to the streets.
Tousands of Chileans defied the state of emergency and the military curfews that followed. Te protests ended after the government agreed to reforms including a minimum wage, increased state pensions and better healthcare. Te government also agreed to a vote on a re-draft of the dictatorship era
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context of one of the most challenging economic times in recent memory. The COVID-19 pandemic plunged the economy into the worst recession in
decades. GDP contracted 6.0 per cent in 2020. Over one million jobs were lost. The fiscal deficit increased to 7.5 per cent of GDP in 2020, the largest in over three decades.
constitution. Debate over the new constitution is currently underway and is expected to take several months. It will be put to a national referendum later this year.
Gabriel Boric, a 36-year-old leftist former student protest leader, took office as president in March. His election heralds the most dramatic
economic changes in years as he seeks to raise taxes on the rich and the mining industry. He will also raise spending on social welfare programmes and put in place more government controls over business.
Tis radical overhaul of Chilean society and its economy comes in the context of one of the most challenging economic times in recent memory. According to the World Bank, the COVID-19 pandemic plunged the economy into the worst recession in decades. GDP contracted 6.0 per cent in 2020. Over one million jobs were lost. Te fiscal deficit increased to 7.5 per cent of GDP in 2020, the largest in over three decades. However, fuelled by a rapid vaccine rollout, Chile is set for a gradual recovery with activity forecast to return to pre-pandemic levels in late 2022.
CASINOS
In 2005, the Chilean Congress passed its most significant gaming law in the nation’s history. Te law, first driven by the administration of then President Eduardo Frei, had been on the
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