OECD Economic Outlook, Volume 2020 Issue 2
The COVID-19 pandemic will cast a long shadow over the world’s economies and the economic outlook is very uncertain. This issue of the OECD Economic Outlook analyses the impacts of COVID-19 on the economy and puts forward projections for output, employment, prices, fiscal and current account balances.
This issue includes a general assessment of the macroeconomic situation, a series of notes on the current policy challenges related to the COVID-19 pandemic and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Chile
Chile is set for a gradual recovery over the next two years, with activity returning to its pre‑pandemic levels in late 2022. GDP growth will be 4.2% during 2021, after a contraction of 6% in 2020. Private consumption will be a main driver of the recovery, initially sustained by measures implemented by the government to support households, a gradual improvement of the labour market sustained by hiring subsidies and withdrawals from pension funds. Investment will regain momentum at a slow pace, conditional on the evolution of the pandemic, driven by public infrastructure plans, supportive financing conditions and tax incentives. Recovering global demand will also be beneficial.
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