Tuesday, July 29, 2014

What socialists do well

In Chile it's belt tightening time;
SANTIAGO – Budget Director Sergio Granados told Congress today that the Bachelet administration is now looking for 2014 GDP to come in at 3.2 percent, down from a previous forecast of 3.4 percent.
Granados also said that the fiscal deficit, after implementation of tax reform, will be 2.0 percent compared to the previous estimate, not including tax reform, which would have been 0.9 percent. The updated calculation of tax revenues will be slightly lower with a slightly higher expense component.
The Central Bank’s most recent Financial Trader’s Survey showed that the majority of respondents are looking for an even lower 2014 GDP at 2.9 percent.
Chile. Formerly the jewel of South America.

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