At some critical moments on the way to Chile's economic success, the process threatened to derail. Chile's exceptional economic performance and the resulting welfare improvement have been recognized internationally and are the result of systematic application of sound economic policies. Such growth is very good compared to other countries. From the mid-1980s to the Asian crisis in 1997, the Chilean economy grew at an average annual rate of 7.2 percent, followed by an average annual rate of 3.5 percent between 19. Before Margaret Thatcher became Prime Minister of Great Britain or Ronald Reagan was elected President of the United States, Chile implemented unprecedented privatization and other reforms.
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