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Latino Daily News

Wednesday May 18, 2011

World’s Richest Man Predicts Chile Will Be the Next Developed Country in Latin America

World’s Richest Man Predicts Chile Will Be the Next Developed Country in Latin America

Photo: Carlos Slim predicts Chile will be next LatAm to recieve 'developed' country status

Click Here to Enlarge Photo

In a presentation last week, Carlos Slim, the world’s richest man, predicted that Chile will become the next to move from an “underdeveloped” to a developed country.

The Mexican communications mogul pointed to Chile’s mining industry boom in northern Chile are being primarily responsible for the country’s advancement towards becoming a developed nation.

“In the case of Latin America, I believe Chile will be the first to break that barrier (of underdevelopment)” Slim said. “Brazil, Colombia, Argentina, and Mexico will probably be next.”

He noted that Chile will need to improve its education and poverty levels. He suggested that poverty can be countered by improving education and creating jobs. Backing up the idea has been Chile’s president, Sebastian Piñera, who has shared plans to increase the availability of grants for technical education. President Piñera is expected to present his the plans for the grants in his national address on May 21.

Slim pointed out that while many Latin American countries are not producing at the same Gross Domestic Product (GDP) level as developed countries around the world, they do not have the tremendous debt that nations such as the U.S. have.

“We have a secure financial system with a stable macroeconomic foundation,” said Slim. “We can say that we are secure because we don’t have an overly-complicated structure.”