{
  "title": "Chile: 2022 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Chile",
  "publication": "IMF Staff Country Reports, January 20, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/01/20/chile-2022-article-iv-consultation-press-release-staff-report-staff-supplement-and-528410",
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  "summary": "This 2022 Article IV Consultation with Chile discusses that after an impressive recovery from the coronavirus disease 2019 pandemic, the Chilean economy is undergoing a necessary transition toward sustainable growth amid a challenging external environment.",
  "sections": [
    {
      "heading": "Overview and Context",
      "content": "- After an impressive recovery from the coronavirus disease 2019 pandemic, the Chilean economy is undergoing a necessary transition toward sustainable growth amid a challenging external environment.\n- Policy implementation remains very strong, geared toward correcting macroeconomic imbalances that built up during the pandemic while protecting the most vulnerable and advancing structural reforms, consistent with past IMF advice.\n- The constitutional reform process will continue but uncertainty over possible outcomes has narrowed."
    },
    {
      "heading": "Risks and External Environment",
      "content": "- External risks:\n  - Possible abrupt global slowdown.\n  - Sharply tighter global financial conditions.\n  - Commodity price shocks.\n  - Intensification of spillovers from Russia’s war in Ukraine.\n- Domestic risks:\n  - High inflation persisting for longer than expected.\n  - Social discontent over high food and energy prices.\n  - Slow progress to meet social demands.\n- Policy challenge: navigate growth-inflation trade-offs, safeguard financial stability, and maintain fiscal sustainability while supporting the most vulnerable."
    },
    {
      "heading": "Policy Assessment and Recommendations",
      "content": "- Fiscal policy:\n  - Implementation focused on correcting pandemic-era macroeconomic imbalances while protecting vulnerable groups.\n- Monetary and exchange rate policy:\n  - Emphasis on managing inflation risks and exchange rate flexibility (subject tags include \"Exchange rate flexibility\" and \"Monetary policy\").\n- Structural reforms:\n  - Continued advancement of structural reforms aligned with past IMF advice.\n- Financial stability:\n  - Policies should safeguard financial stability amid tighter global financial conditions and external shocks."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subjects: Exchange rate flexibility, Expenditure, Fiscal policy, Fiscal stance, Foreign exchange, Inflation, International organization, Monetary policy, Pension spending, Prices, Public debt\n- Keywords: Caribbean, draft mining royalty bill, Exchange rate flexibility, finance committee of the Senate, Fiscal stance, Global, Inflation, inflation expectation, liability positions vis-à-vis nonresident, Pension spending, Senate's finance committee, South America, Western Hemisphere\n\nSource: Chile: 2022 Article IV Consultation-Press Release; Staff Report; Staff Supplement; and Statement by the Executive Director for Chile (IMF Staff Country Reports 2023, 036).\n\n---\n\n Content in this bundle\n\n- 1. Constitutional Reform\n  - 1. Constitutional Reform (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Constitutional Reform (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: January 20, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400231469.002",
    "After an impressive recovery from the coronavirus disease 2019 pandemic, the Chilean economy is undergoing a necessary transition toward sustainable growth amid a challenging external environment.",
    "Policy implementation remains very strong, geared toward correcting macroeconomic imbalances that built up during the pandemic while protecting the most vulnerable and advancing structural reforms, consistent with past IMF advice.",
    "The constitutional reform process will continue but uncertainty over possible outcomes has narrowed.",
    "External risks:",
    "Domestic risks:",
    "Policy challenge: navigate growth-inflation trade-offs, safeguard financial stability, and maintain fiscal sustainability while supporting the most vulnerable.",
    "Monetary and exchange rate policy:",
    "Structural reforms:",
    "Financial stability:",
    "Subjects: Exchange rate flexibility, Expenditure, Fiscal policy, Fiscal stance, Foreign exchange, Inflation, International organization, Monetary policy, Pension spending, Prices, Public debt",
    "Keywords: Caribbean, draft mining royalty bill, Exchange rate flexibility, finance committee of the Senate, Fiscal stance, Global, Inflation, inflation expectation, liability positions vis-à-vis nonresident, Pension spending, Senate's finance committee, South America, Western Hemisphere",
    "**1. Constitutional Reform**"
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