Chile reduces growth forecast to -6.5% | International Politics | SAHIFAT ASSALAM PALESTINE 

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Política Internacional / 24/06/2020

Chile reduces growth forecast to -6.5%

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Chile reduces growth forecast to -6.5%

Fonte DCO

The country has been suffering a strong social upheaval for a year now, repressed with the establishment of a military dictatorship, in practice, to make up for the economic and social crisis

Chile's gross domestic product (GDP) will fall -6.5% this year, according to estimates the government's Budget Directorate (Dipres), below the -2.0% reported in the first quarter.

Dipres' head of studies, Cristóbal Gamboni, told the press that this forecast is an average of the forecast presented by the Central Bank in the Monetary Policy Report, between -5 and -7.5%.

He added that the reduction in projections is due to a more marked deterioration in the economic situation than had been estimated at the beginning of the pandemic.

The official added that the drop in domestic demand would reach -9.8%, worse than the -3.3% contraction expected in April, while the consumer price index (CPI) would close 2020 at -2.8%.

According to Dipres, an adjusted fiscal deficit of -3.5% of GDP is projected for this year, above the target assumed after the social surge of October 18, 2019, which was -3.2%.

Dipres' projections predict a -16.1% contraction of central government revenue compared to 2019, which represents the worst drop since 2009, when the reduction was -20.7%.

This is mainly due to the deterioration of the macroeconomic scenario and, in part, to tax measures for temporary reduction and ease of payment in the midst of the pandemic, while spending will grow 11.4% this year, its highest level since 2009.

According to the authorities, this is due to the economic measures promoted by the government to face the health crisis and the recent agreement between the Executive and part of the opposition, to create a fund of US $ 12 billion to face the health, economic and economic crisis. for the next 24 months.

Thus, Dipres indicated that, due to lower economic growth, lower income and higher public spending, the projected fiscal deficit for 2020 reaches -9.6% of GDP, the highest record since 1973 and -1.6 points more than the April estimate.

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