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Three lost years and still lost
CHILE · In Brief · 18 Oct 2022

Today marks the third anniversary of Chile’s social explosion. Much has happened since and because of the October uprising: the rise of inflation, a failed constitutional process, the election of Gabriel Boric. Sadly, the demands that the protests brought to the fore are far from being addressed,...

Getting ready for a dive
CHILE · Report · 27 Sep 2022

The downward trend in economic activity continues to deepen. Weak figures are due in large measure to a strong deceleration in consumption. Various factors are hitting consumption simultaneously: a weak labor market, falling real wages, stagnant consumer credit, no more excess liquidity and polit...

Webinar Replay: Chile post referendum: What’s next
CHILE · Report · 09 Sep 2022 · 1 response

After Chileans overwhelmingly rejected the draft constitution proposed by the constitutional convention, visit our calendar page to watch the replay of our webinar "Chile post referendum: What’s next" featuring Robert Funk discussing the breakdown of the vote, the implications for the Boric admin...

Slide Presentation: Chile post referendum: What’s next?
CHILE · Report · 09 Sep 2022

Access the pdf fil​e of the presentation​ from the GlobalSource Partners' webinar "Chile post referendum: What's next?". After Chileans overwhelmingly rejected the draft constitution proposed by the constitutional convention, Robert Funk discussed the breakdown of the vote, the implications for ...

Chile's constitutional referendum: Boric's options.
CHILE · In Brief · 05 Sep 2022

With an historic turnout of 86%, Chileans overwhelmingly have rejected the draft proposed by the constitutional convention. This brings to a close the process initiated on 15 November 2019, when the political parties sought a way out of the violence and protest of the Social Explosion. But it doe...

Chile's Constitutional Referendum: The Countdown Begins
CHILE · In Brief · 29 Aug 2022 · 1 response

With just under a week to go to Chile’s constitutional referendum, the political process which began on 18 October, 2019 is about to reach its zenith. Polls continue to show that a plurality of Chileans will reject the draft constitution on 4 September, although as other important votes elsewhere...

Volatility is the new normal
CHILE · Report · 21 Jul 2022

Economic activity is decelerating, while confidence is receiving simultaneous knocks on several fronts. The proposal for a new Constitution is a source of economic uncertainty: the proposed text is vague, and while introducing many principles and rights fails to solve some evident conflicts of in...

When the future feels hopeless
CHILE · Report · 24 May 2022

The March Monthly Index of Economic Activity (IMACEC) surprised both the market and the Central Bank on the upside. Nevertheless, the Bank recently revised the figures downward. The outlook for consumption is far from positive: the IMACEC showed a fifth consecutive fall in commerce. But a more g...

Constitutional Convention update
CHILE · Report · 21 Apr 2022

Chile's Constitutional Convention is progressing in its design of a new document, to be put to the people in a referendum on September 4. The political system it is designing seems to be based on misguided notions of where power is today, and where it should be. Polls show that the public holds...

Nothing but uncertainty
CHILE · Report · 21 Mar 2022 · 1 response

We have cut our 2022 GDP growth forecast to 3%, with a downward bias. A contraction phase seems to be taking shape. For February and March, we again expect adverse effects from the pandemic. In addition, external conditions have deteriorated, because of the effect of Russia’s invasion of Ukraine....

Webinar Replay - Chile: Reviewing the new administration's policies
CHILE · Report · 18 Mar 2022

Gain insights on Chile's new administration. Visit our calendar page to watch the replay of our webinar featuring Robert Funk and Igal Magendzo as they discuss President Boric’s post-inaugural political and economic plans and provide an update on the progress of Chile’s Constitutional Convention.

Boric Completes his Cabinet
CHILE · In Brief · 01 Feb 2022

With the announcement on Tuesday of who the undersecretaries will be, president-elect Gabriel Boric has offered a much more complete picture of the government that’s taking shape, and the message is mixed.Whereas the cabinet announcement was greeted with enthusiasm, thanks in large measure to the...

Boric announces his cabinet picks
CHILE · In Brief · 21 Jan 2022

The markets have reacted positively to Gabriel Boric’s cabinet announcement. Is this enthusiasm warranted? Yes and no.On the one hand, even though the average age of the new ministers seems low (49), they are all quite experienced. The new Foreign Minister, for example, has a distinguished record...

Expect robust growth in 2022
CHILE · Forecast · 21 Jan 2022

Main assumptions of our base scenario forecast: * In coming years there will be no major political, social or institutional crisis, and there will be some degree of coordination between the government and Congress. * Given the composition of Congress, there will be no major refor...

Turn and face the strange
CHILE · Report · 21 Jan 2022 · 2 responses

IMACEC growth slowed in November, consistent with the fading of consumption momentum. Nevertheless, activity continued to grow above potential, contributing to inflationary pressures. Services stood out, but the emergence of the Omicron variant of COVID-19 constitutes a risk. We maintain a relati...