New prominent building in the Santiago's skyline, the Gran Torre Santiago, the tallest building in Latin America and second tallest in the Southern Hemisphere with 300 meters, is the symbol of a rich and developed Chile. This giant is part of the fairly impressive Costanera Center, a business and commercial complex that includes a 6-story shopping mall and 4 skyscrapers, including the Gran Torre Santiago. The shopping mall is the largest in South America and has an impressive number of hypermarkets, luxury stores and more than 100 shops.
Once completed, the Costanera Center will have an area of 700,000 m2 and an estimated 240,000 will go to and from it everyday, making an annual estimated gain of $150 million. 7 years after the start of the project, only the shopping mall and the Gran Torre Santiago are finished and the overall cost has already almost doubled to reach $1 billion.
Anyway, Chile is extremely proud of the Costanera Center, has it shows the economical success of the country! Chile is actually the first South American country to be part of the OECD (Organisation for Economic Co-operation and Development) and was ranked as a "high-income economy" by the World Bank. The country is also the ranks first in Latin America in human development, competitiveness, income per capita, globalisation, economic freedom and low perception of corruption, making it one of the most stable and prosperous nations in the region. This stability helps Chile's continual growth, reaching a GDP growth of 4.1% in 2013.
But despite all these numbers, Chile, like most of the Latin American countries, still suffers from big inequities. Even though the official figures from the government state that 11.0% of the population is below the poverty line, making it the lowest in South America, using the relative yardstick favoured in many European countries, 27% of Chileans would be poor, according to Juan Carlos Feres of the UN Economic Commission for Latin America and the Caribbean. Besides, Chile has the highest Gini ratio in the OECD, peaking up to 0.516 in 2013. The Gini ratio measures the inequity in incomes within a nation, 0 being all the population getting the same income, and 1 being only one person getting all the income.
Therefore, Chile might not be ready for the Costanera Center, a better fit in some crazy Emirates than in a Soith American country that still has to develop in a more equitable way!
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