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  HOME | Chile

Chile on Path to “Modest” Recovery, Central Bank Says

SANTIAGO – The head of Chile’s Central Bank said on Thursday that the institution’s prediction of growth this year in the range of 2 percent to 2.5 percent is realistic and that 2016 will see a “gradual and modest” improvement.

“We don’t consider our base scenario and our projections either optimistic or pessimistic, we consider them realistic,” Rodrigo Vergara told reporters after presenting the bank’s latest Report on Monetary Policy at a business forum in Santiago.

The report includes a downward revision of the bank’s 2015 growth forecast to between 2 percent and 2.5 percent. The bank expects the economy to expand next year by anywhere from 2.5 percent to 3.5 percent.

Vergara said the Central Bank’s monetary policy will remain expansive next year, which should promote growth, though he warned of the risk that events might deviate from the economic assumptions underlying the forecast.

Chile has already implemented the necessary economic adjustments, “allowing us to project a moderate recovery.”

Vergara declined to declare that Chile’s economy has “touched bottom,” while describing further deterioration as unlikely.

Chile’s economy is gradually turning around after a deceleration that pulled growth down to an anemic 1.9 percent in 2014, the worst performance in five years.

 

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