Chile Has Everything to Become a Developed Country: What Is Missing to Achieve It?

Chile stands out in Latin America for its economic and political stability, along with a range of resources and conditions that give it enormous potential to consolidate itself as a developed country. However, the path to this goal requires overcoming certain structural challenges and implementing long-term strategies.

Chile’s Potential

Chile has several strengths that position it favorably:

• Macroeconomic stability: Over recent decades, Chile has maintained responsible fiscal policies, controlled inflation, and clear rules that have attracted foreign investment.

• Democratic institutions: A stable political system with strong institutions is key to the confidence of citizens and investors alike.

• Natural resources: Chile is a world leader in copper and lithium production—strategic raw materials for the global economy—as well as a growing player in renewable energy.

• Education and human capital: The Chilean population has increasing access to education, strengthening the foundation for sustainable development.

• Geographical location: Its position on the Pacific coast offers advantages for international trade.

Challenges for Development

However, potential alone does not guarantee full development. To advance to developed country status, Chile must face and resolve some challenges:

• Structural inequality: Although poverty has decreased, socioeconomic gaps remain an obstacle to inclusive development and social cohesion.

• Investment in innovation and technology: The future of development lies in a knowledge-based economy. Chile needs to increase investment in science, technology, and innovation to boost productivity and compete globally.

• Labor productivity and quality: Improving work productivity and fostering quality jobs are fundamental to increasing well-being and competitiveness.

• Public-private collaboration: Building strong partnerships among the government, businesses, and civil society can enhance sustainable and equitable development.

• Responsible debt management: Maintaining prudent public debt management ensures financial stability and allows investment in strategic areas without compromising the future.

A Shared Vision for the Future

Chile has all the tools to become a developed country. What is missing is a joint commitment to define and implement a long-term vision that includes transformative leadership, effective public policies, and active participation from all sectors.

Only with sustained willpower and a strategic focus can Chile turn its potential into a reality that benefits its entire population—achieving not just economic growth, but a just, inclusive, and sustainable development.