Chile´s output is expected to shrivel by 4.9% in the second quarter as the global coronavirus outbreak continues to pummel one of South America´s most export-driven economies, a central bank poll of analysts showed on Monday.
Chile closed its borders early in March, and large swaths of the capital Santiago, a city of 6 million, have been locked down to halt the spread of the virus. Malls, schools, movie theaters and most non-essential services have been shuttered.
The poll of 52 analysts saw the central bank holding the benchmark interest rate at 0.5% for at least the next year in an effort to bolster the battered economy. The government has also announced a stimulus package worth 5% of the country’s gross domestic product. Analysts predict consumer prices to creep up by only 0.2% in April, muted by plunging fuel prices and weak demand. Annual inflation was seen at 2.90%, on the low end of the central bank’s target range of 2% to 4%.Chile’s economy is largely driven by exports, ranging from copper to salmon, wine, fruits and vegetables.
Government statistics show one-third of Chile’s exports ship to China, whose economy is now restarting after months of battling coronavirus.
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