Jorge Rodríguez, Chile’s economic system minister, referred to as a politically tinted downgrading of his nation an “outrageous scandal,” reflecting a level of “not often seen immorality.”
Ms. Bachelet demanded that the financial institution perform a “full investigation” into the matter.
“Rankings offered by worldwide establishments must be reliable, as a result of they have an effect on a rustic’s’ funding and growth,” she mentioned in a statement posted on Twitter.
The World Financial institution said Saturday in a statement that it could “conduct an exterior assessment of Chile’s indicators” within the report “in mild of the issues expressed” by Mr. Romer. However the assertion additionally defended the broad integrity of the rating. “Goal knowledge will not be topic to political affect,” the assertion mentioned.
Mr. Lopez-Claros, a senior fellow at Georgetown College who’s on go away from the financial institution, mentioned in an emailed assertion on Saturday that the assertion that Chile was unfairly graded was “wholly with out benefit.” He defended his workforce’s dedication to “train tight high quality management on all of the Doing Enterprise knowledge earlier than it goes to publication,” and mentioned it had been particularly cautious in its assortment of knowledge in Chile, the place the financial institution not too long ago opened its first analysis hub in Latin America.
Since Ms. Bachelet’s first time period in 2006, Chile’s rating has fallen from 25th to 57th. Throughout this era, it slipped constantly within the years when Ms. Bachelet was in energy, however rose in the course of the presidency of the conservative billionaire, Sebastián Piñera, who ruled between 2010 and 2014.
Mr. Piñera will return to workplace this 12 months after successful an election during which he campaigned because the candidate higher suited to draw funding than his rival, Alejandro Guillier, a Bachelet ally.
Mr. Romer instructed The Wall Avenue Journal that modifications to the methodology in recent times, together with how the financial institution assessed the benefit of paying taxes, contributed to Chile’s dip.
Mr. Lopez-Claros defended modifications as sound and mentioned Chile’s standing fell largely as a result of different nations, together with Mexico, took steps to draw traders.
Mr. Rodríguez, the minister, mentioned he hopes the financial institution conducts a immediate assessment to improve Chile’s rating. “However the hurt has already been completed,” he mentioned.
An earlier model of this text misstated the nationality of the economist Augusto Lopez-Claros. He was born in Bolivia and holds twin citizenship with Britain; he isn’t Chilean.