Thursday, 24 Sep 2020

Chilean cenbank revises 2020 GDP forecast down to between -5.5% to -7.5%

SANTIAGO (Reuters) – The Chilean central bank has revised its 2020 economic growth estimation sharply downwards again, to -5.5% to -7.5% from -1.5 to -2.5% previously, as the country enters its fourth month of widespread shutdown amid the new coronavirus pandemic.

The bank said it expected a commensurate decline in figures for the second quarter of the year, with domestic demand hit by mayor uncertainty and the loss of household income and dropping 10.4% in the year.

The bank saw the copper price at $2.5 per pound in 2020, and inflation at 2%, the bottom end of its 2 to 4% target, compared to its previous 3% projection.

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