We expect that 2013 will see a pronounced shift in the Chilean economy, and forecast real GDP growth to fall from 5.6% in 2012 to just 4.3% this year, averaging 4.2% from 2014-2017 – below consensus estimates. This slowdown in growth is attributable to decelerating economic activity in China, which over the next several years will result in weakening real demand for Chilean copper exports and reduced investment into the country’s mining sector, with a negative knock-on effect on the country’s freight volumes. We expect much of the slowdown will occur in 2013 and 2014, with increasing global growth will …
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