In its latest Economic Survey of Chile, the organisation found that sound macroeconomic management had placed the South American country on “a solid economic footing” and growth has become more inclusive.

OECD secretary-general Angel Gurria said: “Chile is in fine economic health, but the triple challenge on how to raise productivity, improve global competitiveness and reduce inequality remains.

“The current global economic upswing provides a key opportunity to deepen structural reforms so that Chile can achieve its full economic potential, make the most of globalisation and share the fruits more fairly.”

The OECD projects gross domestic product growth in Chile rising to 2.9% in 2018 and 2019, yet low productivity remains a problem.

Compared to other Latin American countries, Chile’s output per worker is stuck at half the OECD average, with too many workers employed in activities that generate little added value per work hour.

The country’s income inequality gap is also more than 65% wider than the OECD average, with one of the highest ratios between the average income of the wealthiest 10% of its population and that of the poorest 10%.