History indicates that it is very difficult for a country to get rich purely through the extraction of natural resources. In order to meet President Piñera’s target of becoming a developed nation, Chile needs to diversify its productive base by creating an environment in which non-resource industries flourish. Although we are optimistic that Chile can reach its goal, we doubt that this will happen by 2018 as the President hopes. Rather, we believe that the process will take at least another decade.
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