NEW YORK -(Dow Jones)- Any economic growth over 4% in 2012 would be "very good" for Chile considering the deterioration in the global economy, the country's finance minister said Wednesday.
Declining economic growth in Europe and signs of slowing growth elsewhere in the global economy create a scenario in which Chile's economy will decelerate, said Finance Minister Felipe Larrain, speaking in New York Wednesday.
Chile's central bank recently revised its 2012 gross-domestic-product growth expectation upward, to a range of 4% to 5% growth from a previous outlook for growth of 3.75% to 4.75%.
The finance ministry also set a 5% growth target for 2012, but that looks "too ambitious" in the current world environment, Larrain said.
He still expects GDP growth in 2012 to range between 4% and 5% this year.
"Anything we do over 4% will be very good for us," he added.
Chile's economy expanded 6% in 2011, and recent data showed it expanded 6.1% in February, Larrain said, adding those rates aren't sustainable given the global backdrop.
"We don't expect to grow at this rate for the remainder of the year," he said.
nasdaq.com
Declining economic growth in Europe and signs of slowing growth elsewhere in the global economy create a scenario in which Chile's economy will decelerate, said Finance Minister Felipe Larrain, speaking in New York Wednesday.
Chile's central bank recently revised its 2012 gross-domestic-product growth expectation upward, to a range of 4% to 5% growth from a previous outlook for growth of 3.75% to 4.75%.
The finance ministry also set a 5% growth target for 2012, but that looks "too ambitious" in the current world environment, Larrain said.
He still expects GDP growth in 2012 to range between 4% and 5% this year.
"Anything we do over 4% will be very good for us," he added.
Chile's economy expanded 6% in 2011, and recent data showed it expanded 6.1% in February, Larrain said, adding those rates aren't sustainable given the global backdrop.
"We don't expect to grow at this rate for the remainder of the year," he said.
nasdaq.com
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