Chile is now a Developing Nation, but until the turn of the millennium Chile was crippled by debts it took out following an earthquake many years ago. It borrowed 3.9 billion from the United States in the 1970s. By the 1980s it had paid back 12.8 billion in interest alone. It has still not cleared this debt but its developing economy makes it more realistic that it will do so.
- Chile now has a quite good economy with the average wage being around US$17,000 per year.
- However, much of its GDP (Gross Domestic Product – how much money it makes each year as a country) is still being paid to other countries in interest on debt.