Alejandro Micco: Gross domestic product will expand about 3.5 percent this year, Deputy Finance Minister Alejandro Micco forecast, the first estimate by President Michelle Bachelets government that came to office March 11, according to Bloomberg. The comments are the strongest signal since Bachelet assumed power that she will back Codelcos investment program that requires more than $20 billion to increase output by about 10 percent this decade, ensuring Codelcos title as the worlds biggest copper miner. Without the investments, output would fall by more than half, Chief Executive Officer Thomas Keller said in an April 7 interview and Chile is betting on the expansion of state-owned copper producer Codelco, and may turn to its sovereign wealth fund to finance the investment, even as metal prices and economic growth approach four-year lows. This government believes in a stronger Codelco, which requires more investments, Micco said in an interview in Washington yesterday. If it didnt want to go to the market to raise money, we could do it with our sovereign funds.
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Tagged under Codelco, Gross domestic product topics.