ECONOMY

President Piñera: “Commercial war between US and China affects Chile”

SANTIAGO – President Sebastián Piñera has said that the trade war that is currently going on between the United States and China is affecting the Chilean economy. In an interview with Diario Financiero, Piñera still expressed good hopes for the future. “We hope to get to an annual growth of 5 percent”.

Unemployment is increasing and economic growth in September was the lowest recorded in 2018. The “Tiempos Mejores” or “Better Times”, as Piñera promised during his presidential campaign in late 2017, are still to come, according to the president himself. In an interview with Diario Financiero, he pointed out that economic growth is stalling because of the trade war between the United States and China.

“The trade war is affecting us, as it has worsened the terms of trade.” President Piñera went on by giving examples about the oil and copper prices. “When our administration started, the price of copper was US$3.20 or US$3.40, but today it is US$2.60. The price of oil was at 40 dollars, today it’s at over 60 dollars”.

Unemployment in Chile on the rise, as bankruptcy among Chilean companies skyrocket

“We will end 2020 at the level of countries such as Spain and Italy”

But although the trade war between the two global superpowers doesn’t seem to end soon, Piñera expressed in the same interview his hopes for an increasing growth of the Chilean economy.

“We are committed to double the growth rate of the previous government and this year we will fulfill that promise”.

“We hope to have the economy growing this year with 4 percent. We want to create 160,000 jobs and the investment, which had fallen during the four years of the previous government, should grow by 7 percent this year”.

The next years, the president commented he hopes to get the Chilean economy to grow with 5 percent a year. “We will end the decade with a per capita income of 40,000 dollars. Which brings us to the level of countries such as Spain and Italy”.

 

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