Chile : 2015 / OECD.

Format:

Book

Contributor:

Organisation for Economic Co-operation and Development, contributor.

Series:

OECD Economic surveys (Series)

OECD Economic Surveys

Language:

English

Subjects (All):

Economic history.

Chile--Economic conditions.

Chile.

Chile--Economic policy.

Physical Description:

1 online resource (110 pages).

Place of Publication:

Paris : OECD Publishing, [2015]

Summary:

Special feature: Bringing all Chileans on board.

Contents:

Intro

Table of contents

Basic statistics of Chile, 2014

Executive summary

Despite sharply lower copper prices, Chile's economic growth has been resilient

GDP growth should recover

Growth needs to become more inclusive, especially for women

Participation of women is relatively low

School reform is on its way to lift student outcomes

Many students lack minimum skills

Assessment and recommendations

Figure 1. Incomes have risen and well-being is high in many dimensions

Table 1. Well-being indicators

The economy has been more resilient than its peers

Figure 2. The fall in copper demand has depressed investment and output growth

Figure 3. Depreciation has put upward pressure on prices

Figure 4. Unemployment has remained low but is rising

Table 2. Macroeconomic indicators and projections

Chile faces several medium-term uncertainties

Figure 5. Export destinations for Chile

Box 1. Shocks that could affect the Chilean economy

The fiscal rule has worked well but could be made more robust

Figure 6. The government's fiscal and financial positions remain sound

Banking supervision could be further strengthened

Table 3. Financial indicators

Recalibrating some aspects of the reform agenda could contribute to raising business confidence

Figure 7. Consumer and business confidence has deteriorated

Strengthening the inclusiveness of growth

Figure 8. Social cohesion indicators

Better quality and equity of compulsory education is the linchpin of inclusive growth

Figure 9. Better quality of education increases economic growth

Figure 10. Improving education quality to achieve universal basic skills can boost growth of GDP

Figure 11. Average spending per student between the ages of 6 and 15 is low

Tertiary education reform should focus on access and quality.

Figure 12. Access to tertiary education has improved but remains unequal

A skills strategy would help to address mismatch problems

Tax reform for a more inclusive Chile

Table 4. Estimated increase in tax collection

Improving the pension system is important to address inequality

Labour reform should focus on protecting workers for a more inclusive labour market

Figure 13. Workers on temporary contracts face very high rates of job turnover

Raising female participation is essential

Figure 14. Gender gaps in labour force participation and spending on active labour market policies

Boosting productivity and investment

Figure 15. Total factor productivity with and without mining

Figure 16. R&D expenditure and incentives

Strengthening the competition framework is crucial

Improving the regulatory environment will facilitate more dynamism

Figure 17. Business regulation remains restrictive in multiple areas

Successful innovation promotion programmes could develop new fields

Environmental challenges are being addressed

Figure 18. CO2 intensity of electricity

Bibliography

Annex. Progress in structural reform

Thematic chapters

Chapter 1. Bringing all Chileans on board

Figure 1.1. Despite strong progress reducing poverty, high levels of inequality remain

How inclusive is Chile?

Figure 1.2. Income inequality is especially high at the top of the distribution

Reducing income inequality can help increase growth and promote social mobility

Figure 1.3. Income inequality reflects inequality of opportunity

Box 1.1. Intergenerational social mobility in Chile and its determinants

Improving the tax and welfare system

Figure 1.4. The tax and transfer system should do more to reduce inequality

Raise more tax revenues

Figure 1.5. Public expenditure and tax revenue are very low.

Box 1.2. The 2014 tax reform

Table 1.1. Revenue projections from the 2014 tax reform

Create a more inclusive pension system

Figure 1.6. Net replacement rates for full-career workers are relatively low

Strengthen cash transfer programmes for the most vulnerable populations

Figure 1.7. Public spending on cash benefits for family are very low

Enhance fiscal equalisation to reduce regional inequalities

Reducing inequalities in the labour market

Figure 1.8. Labour income inequality is the main contributor to household market income inequality

Update labour legislation to help reduce inequality

Box 1.3. The labour market reform

Figure 1.9. The effect of increasing union membership would be stronger for middle income households

Focus on protecting workers rather than jobs

Box 1.4. The Italian labour market reform: Single contracts

Figure 1.10. Reducing the share of temporary contracts can reduce earnings inequality

Efficient activation policies to improve labour opportunities for the less advantageous

Figure 1.11. Spending in active labour market policies is very low

Closing gender gaps

Figure 1.12. Women face all kind of inequalities

Figure 1.13. Differences in the type of job explain most of the gender pay gap in Chile

Reduce gender gaps to boost inclusive growth

Figure 1.14. Gender gaps in the workforce contribute to income loss and high inequality

Figure 1.15. The number of women in parliament is correlated with income inequality

Enhance policies to help women join the labour force

Create awareness to fight discrimination

Recommendations to bring all Chileans on board

Chapter 2. Better skills for inclusive growth

Skills, productivity and inclusive growth.

Figure 2.1. Chile needs to increase labour productivity to catch up with best performing OECD countries

Figure 2.2. Upper secondary education attainment is relatively high among young adults

Figure 2.3. A low share of students beat the socio-economic odds stacked against them

Attaining universal skills to boost economic growth

Figure 2.4. Improving the quality of education can boost GDP growth

Developing universal skills through quality education

Figure 2.5. Socio-economically advantaged students outscored their disadvantaged peers

Invest more in early childhood education

Figure 2.6. Coverage of childcare and pre-school services is low across all income quintiles

Build more inclusive schools

Figure 2.7. Quality of education varies a lot by municipality and region, and is correlated with income

Figure 2.8. Average spending per student between the ages of 6 and 15 is low

Reshape teacher careers

Figure 2.9. The percentage of certified teachers reported by school principals in PISA is very low

Ensuring all adults can access quality higher education and get the right skills

Figure 2.10. Access to tertiary education has improved but remains unequal

Reduce financial constraints to low income students

Box 2.1. Funding systems for universities: Three OECD examples

Tackle horizontal inequality

Figure 2.11. There are large horizontal inequalities in higher education

Activating skills and using them effectively

Strengthen vocational education and training to better respond to labour market needs

Box 2.2. Examples of vocational education and training systems in the OECD

Better labour market institutions can help allocate skills more effectively

Figure 2.12. Employment protection legislation is relatively more restrictive for permanent workers.

Promote more participation of women in the fields of engineering and computer sciences

Figure 2.13. Gender gaps in performance in science and mathematics are high

Figure 2.14. Parents' expectations for their children careers are gender biased

Recommendations to improve skills

Bibliography.

Notes:

Description based on print version record.

ISBN:

92-64-24844-7

OCLC:

1024238663