Economy
Santiago is the industrial and financial center of Chile, and generates 45% of the country's GDP. Some international institutions, such as ECLAC (Economic Commission for Latin America and the Caribbean), have their offices in Santiago. Currently under construction is the Costanera Center, a mega project in Santiago's Financial District. This includes a 280,000-square-metre (3,000,000 sq ft) mall, a 300-metre (980 ft) tower, two office towers of 170 metres (558 ft) each, and a hotel 105 metres (344 ft) tall. In January 2009 the retailer in charge, Cencosud, said in a statement that the construction of the mega-mall would gradually be reduced until financial uncertainty is cleared. In January 2010, Cencosud announced the restart of the project, and this was taken generally as a symbol of the country's success over the global financial crisis. Close to Costanera Center another skyscraper is already in use, Titanium La Portada, 190 metres (623 ft) tall. Although these are the two biggest projects, there are many other office buildings under construction in Santiago, as well as hundreds of high rise residential buildings. In February 2011, Gran Torre Santiago, part of the Costanera Center project, reached the 300-meter mark, officially becoming the tallest structure in Latin America. The strong economy and low government debt is attracting migrants from Europe and the United States.
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Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)