Chile

The year 1981 marked a turning point in the recent history of the Chilean economy. It began with the expectation that the rapid economic growth of previous years would continue, and this expectation lasted in general for the first half of the year. During the following months, however, the signs that the economy had entered a recessive phase began to become more numerous, and by the end of 1981 it was evident that the contraction in economic activity and employment would be both far-reaching and difficult to overcome. Thus, although the economic growth rate of over 5% was one of the highest registered in Latin America, it was due almost exclusively to the big expansion in the first half of the year, since in the last months of 1981 economic activity barely increased at all, while the rate of unemployment rose sharply. This abrupt transition from positive changes to others of a negative nature, not only as regards the evolution of the product but in almost all the main indicators —be they real or financial, effective results or expectations— was without doubt the most striking feature of the evolution of the Chilean economy in 1981.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions