Chile
- 31 December 1999
- book chapter
- Published by United Nations Publications in Economic Survey of Latin America and the Caribbean
- p. 161-168
- https://doi.org/10.18356/49967223-en
Abstract
The shock waves from the external crisis that first hit the Chilean economy in October 1997 led to a sharp increase in the merchandise trade deficit, with net capital inflows falling by more than half and international reserves thus shrinking considerably after nine years of uninterrupted growth. This made it necessary to moderate the growth of economic activity and domestic demand in an economy already overstretched and in urgent need of adjustment; the combination of domestic austerity measures and the impact of the external crisis cut GDP growth to 3.4% in 1998 from its 1997 figure of 7.6%.Keywords
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