Chile is the best place to do business in Latin America in 2014, with the cheapest costs in the region, according to data compiled by Bloomberg.
The country of about 17 million people secured the top position of 14 Latin American nations based on six criteria, including the degree of economic integration and labor costs. Peru and Brazil respectively occupied the next two slots.
In the global ranking, Chile moved up to 21st from 26th the year earlier. Chile is the only country in Latin America with net savings instead of debt after 30 years of almost uninterrupted growth. The nation has free trade accords with countries including the U.S., China, Mexico, Peru and Colombia, allowing for cheap imports.
“The reason why Chile always comes in on top is because it has done the reforms that improve the business climate,” Luis Alberto Moreno, Inter-American Development Bank president, said by phone from Washington on Jan. 16. “Chile has undertaken a very good discussion about its public policies and there is a good energetic public policy debate.”
El Salvador came bottom of the 14 countries ranked in Latin America, below the Bahamas and Ecuador.