{
  "title": "Chile: 2023 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Chile",
  "publication": "IMF Staff Country Reports, February 6, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/02/06/chile-2023-article-iv-consultation-press-release-staff-report-and-statement-by-the-544437",
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  "summary": "The 2023 Article IV Consultation highlights that macroeconomic imbalances built during the pandemic have been largely resolved, supported by tighter macroeconomic policies deployed during late 2021–22 in Chile. Growth is expected to pick up to close to 2 percent in 2024 and 2–2.",
  "sections": [
    {
      "heading": "Macroeconomic outlook and projections",
      "content": "- Growth is expected to pick up to close to 2 percent in 2024.\n- Growth is projected at 2–2.5 percent in the medium term.\n- Inflation is projected to converge to the 3-percent target in 2024."
    },
    {
      "heading": "Monetary and financial policy developments",
      "content": "- The Central Bank of Chile lowered the monetary policy rate by 400 basis points since July 2023 in the context of disinflation acceleration.\n- The ongoing implementation of the countercyclical capital buffer will strengthen financial resilience in periods of stress."
    },
    {
      "heading": "Fiscal position and policy",
      "content": "- The headline fiscal balance is estimated to decline to about -2.5 percent of gross domestic product in 2023 due to:\n  - weaker tax revenues amid an economic slowdown,\n  - lower copper prices,\n  - other transitory factors.\n- The 2024 budget envisions a moderate deficit reduction within a medium-term fiscal plan to a broadly balanced fiscal position by 2026."
    },
    {
      "heading": "External risks and uncertainties",
      "content": "- Key external risks identified:\n  - uncertainties around the potentially higher-for-longer interest rates in advanced economies,\n  - a growth slowdown in major trading partners,\n  - the intensification of regional conflicts in the world."
    },
    {
      "heading": "Policy assessment and stance",
      "content": "- Macroeconomic imbalances built during the pandemic have been largely resolved, supported by tighter macroeconomic policies deployed during late 2021–22.\n- Policies have supported macroeconomic stability.\n\nInternational Monetary Fund. Chile: 2023 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Chile (Country Report No. 2024/041).\n\n---\n\n Content in this bundle\n\n- 1chlea2024001\n  - 1chlea2024001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1chlea2024001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 6, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400265907.002",
    "Growth is expected to pick up to close to 2 percent in 2024.",
    "Growth is projected at 2–2.5 percent in the medium term.",
    "The Central Bank of Chile lowered the monetary policy rate by 400 basis points since July 2023 in the context of disinflation acceleration.",
    "The ongoing implementation of the countercyclical capital buffer will strengthen financial resilience in periods of stress.",
    "The headline fiscal balance is estimated to decline to about -2.5 percent of gross domestic product in 2023 due to:",
    "The 2024 budget envisions a moderate deficit reduction within a medium-term fiscal plan to a broadly balanced fiscal position by 2026.",
    "Key external risks identified:",
    "Macroeconomic imbalances built during the pandemic have been largely resolved, supported by tighter macroeconomic policies deployed during late 2021–22.",
    "Policies have supported macroeconomic stability.",
    "**1chlea2024001**"
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