Through an econometric analysis, a CLAPES UC study shows that in 43 years, individual pension capitalization in Chile explains one third of the growth of local investment, 7% of the accumulated variation of the real GDP and 2.6% of the growth of the employed population. The conclusions indicate that the most significant effect has been on the growth of domestic investment, where pension funds explain 1.2 points of the accumulated expansion of 3.6% that this indicator has had, that is, one third of the total. These savings also represent 7% of the accumulated variation of real GDP (0.28 points of the 4% GDP growth observed between 1981 and 2023) and 2.6% of the growth of the employed population. The authors of the report highlight that these results are consistent with previous research carried out by authors such as Vittorio Corbo and Klaus Schmidt-Hebbel.

Source: CLAPES UC.