Chile's President Gabriel Boric announced a 2.7% annual increase in the 2025 budget, focusing on boosting pensions and enhancing national security. The budget allocates $1.5 billion more for justice and security, aiming to increase police presence, improve officer pay, and address crime in prisons. Additionally, the government plans to restrict illegal migration by expelling migrants who have not undergone the official biometric registration process. The budget also aims to strengthen pensions, healthcare, education, and culture.
"We are building a sustainable economy that fosters growth and prosperity for all," Boric stated.
Chile's central bank predicts inflation to reach 4.5% this year before decreasing to 3.6% next year. Economic growth forecast has been revised to between 2.25% and 2.75% from the previous estimate of up to 3%.