What Kind of Economy Does Chile Have?

kind-economy-chile Credit: German Saavedra Rojas/CC-BY 2.0

Although Chile is classified as a developing nation, it has a strong economy that is classified as a high-income economy with strong currency and one of the overall strongest economies in South America. However, Chile does have a major problem with income inequality and unemployment, with the wealthy in the country being rather well-off, while major poverty remains an issue despite the success of upper classes. Chile has a wide range of natural resources that serve as major assets in the nation's economy, including mineral resources such as copper.

Chile produces a large proportion of the world's copper, and the mining industry in this country is strong, frequently attracting foreign investment. In addition to mining, Chile has a number of other strong industries, including a winemaking industry that strikes a good balance between quantity and quality, making it an attractive and relatively inexpensive wine on the international spirits market. Chile also exports a lot of fruit products that are not used for making alcohol, including table grapes, apples, peaches and pears. The country exports other agricultural products such as beans, wheat, corn and oats. Meat products, such as salmon, beef and poultry are also major exports, with Chile serving as the world's second-most popular supplier of salmon.