Overall score: 78.5
Overall ranking: 7th
Chile's average tariff rate is 4% and the tariffs have been decreased by the Pacific Alliance. Chile is very open to foreign investment. Their financial system is one of the most advanced in the region. Credit is issued on market terms, while domestic and foreign markets are treated the same.
Limits on Government Regulations
Chile's regulatory system helps business formation and sustains them. Starting up a business in Chile takes an average of six days and costs less than one percent of the average annual income. There are plenty of unions for the labor workers and plenty of wage settlements. They have lots of monetary freedom as well in Chile.
The monetary freedom for Chile is 85.6% while the fiscal freedom is 76.5%. The tax rates are 40% and 20% for individual income and corporate taxes, respectively. There is a lot of government spending but little corruption, so the spending is probably going towards something that will benefit Chile.
Chilean spending boost will help economy grow near 3.6% in 2015 - Arenas
This video, in essence, explains how Chile's economy is growing and why.
Chile is the world's largest producer of copper which is primarily what their economy depends on. They also have a very large wine industry. The United States, China, Brazil, Argentina, and South Korea are all major trading partners of Chile.