The quality of life of Chileans has improved significantly over the last few decades, and along several dimensions of well-being it approaches the OECD average, notably jobs and earnings, work-life balance and health (, Panel A). The increase in average disposable income and reduction in poverty (Panel B) has been among the most rapid in the OECD, as a consequence of economic reforms, such as trade and investment liberalisation, and the sound macroeconomic policies that have controlled inflation and smoothed economic cycles, reducing uncertainty and encouraging investment. Continued progress will require further economic transformation towards a more knowledge-based and innovative economy, with more firms capable of participating and upgrading their activities in global value chains. Further improvements in well-being will also need to address the sizable gaps that remain in many well-being indicators across social groups and between sexes ().