Minister Marcel reported on aspects such as budget execution, which “was 100% fulfilled during 2023, fulfilling the structural balance commitment of -2.7%.”
The Ministry of Finance of Chile carried out its Public Account, in which it provided a balance of its management in 2023.
The above was led by the minister of the branch, Mario Marcel, and the undersecretary Heidi Berner.
The first began by reviewing the main data linked to the country's macroeconomic context and reiterated “the effort that has been made since 2022 to normalize the economy.”
“2023 was a year in which the adjustment of the economy was completed and we made progress in reducing inflation, together with the Central Bank, applying the respective corrections to move towards normalization,” commented Marcel, quoted in a statement from his Ministry.
In turn, he highlighted as milestones for 2023 "the increase in foreign direct investment, which reached its best indicator in almost a decade, and the reduction in capital outflows."
He also emphasized that during this period “the economic uncertainty index was reduced, moving away from the historical levels of May 2022.”
Public finances and fiscal pact
Minister Marcel reported on aspects such as budget execution, which “was 100% fulfilled during 2023, fulfilling the structural balance commitment of -2.7%.”
“During 2023, public spending was executed at 100% despite the fact that effective income had a significant drop, but thanks to the Government's austere policy, this goal was achieved,” he explained.
Regarding the Pact for Growth, Social Progress and Fiscal Responsibility, the Minister of Finance recalled the joint work and the more than 25 meetings held by the Ministry with representatives of political parties, technicians and citizens, in order to bring together resources to finance four key priorities for citizens: pensions, health, social protection and citizen security; and enhance the growth and modernization of the State.
Along with this, the Secretary of State expressed commitments in six key areas of the new economy to promote and develop the productive matrix: clean and competitive mining, lithium, renewable energies, green hydrogen, tourism and digital economy.
On this last point he emphasized: "An area where we have had a significant investment is in the digital economy: today we have 26 data centers and there are another 28 projects in the pipeline."
Finally, the Public Account closed with the challenges for this year, among which promoting the improvement in economic prospects, promoting public investment, stabilizing public debt at around 40% of GDP (Gross Domestic Product) and carrying out the 21 projects linked to fast track in economic matters emerge as the most relevant.
“The growth prospects for both 2023 and 2024 have been improving: our projection for this year is 2.7% and potential growth points have been added for next year, we see that with the rise in copper prices It is possible to enhance this impulse,” concluded the Minister of Finance.
