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Chile is a Republic (Republica de Chile) of South America. It is part of the Southern Cone and is one of the Latin American countries. Chile enjoyed strong and credible institutions. The country’s export commodity dependence (48% of total exports) remains a challenge, but it has declined over the last ten years thanks to the diversification in economic activity. These good fundamentals helped Chile absorb the shock in 2020 and will continue to support the economic outlook in the short and medium terms.