Chilean economy well placed to rebuild

Chilean economy well placed to rebuildOne of the strongest earthquakes of all times had hit the country of Chile just some time back. The quake was reported as stronger than the one that occurred in Haiti and took thousands of lives, but there is a vast difference between the economic conditions of the two countries.

The Chilean economy is set to recover faster because Chile is among the best run economies in Latin America and is the 46th richest country in the world while Haiti is one of the poorest countries.

The loss of human lives is something that Chile would never be able to recover but the impact on economy is not going to be long lasting one. Haiti on the other hand is entirely dependent on foreign aid while the Chilean economy rebuilding has started and can manage without outside support.

The country's fiscal position is strong enough and the loss of 30 billion dollars is equivalent to 15 percent of its national output. The country is expected to expand at 5 percent annually. The major reason for the country's economy being in such a good shape is that the country has vast copper reserves and there is a copper price boost expected in the markets.