{
  "title": "Chile: 2024 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, February 5, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/02/04/chile-2024-article-iv-consultation-press-release-and-staff-report-561588",
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  "summary": "The 2024 Article IV Consultation with Chile discusses that the economy is broadly balanced but external risks are elevated. Chile’s macroeconomic position is sound due to its very strong fundamentals, policies, and policy frameworks.",
  "sections": [
    {
      "heading": "Macroeconomic assessment",
      "content": "- The economy is \"broadly balanced\" but external risks are \"elevated\".\n- Chile’s macroeconomic position is sound due to its \"very strong fundamentals, policies, and policy frameworks\".\n- Lifting Chile’s growth potential is necessary to raise living standards and tackle social and fiscal pressures."
    },
    {
      "heading": "Fiscal outlook and framework",
      "content": "- The goal of a \"broadly balanced fiscal position by 2027\" remains appropriate but has become more challenging.\n- Continuous enhancements to Chile’s already \"very strong fiscal framework\" would foster fiscal policy formulation and transparency.\n- Key policy emphasis:\n  - Preserve fiscal sustainability while managing the increased difficulty of reaching the 2027 fiscal balance objective.\n  - Strengthen transparency and tools for fiscal policy formulation through incremental framework improvements."
    },
    {
      "heading": "Pension system findings and recommendations",
      "content": "- A pension reform is described as essential to ensure adequate pensions and to address the fiscal costs of population aging.\n- Specific reform priorities:\n  - Raise contribution rates.\n  - Increase the number of contribution periods.\n  - Ensure old-age pensions are sustainably self-financed.\n- The minimum guaranteed pension has:\n  - Strengthened the system’s solidarity.\n  - Increased replacement ratios.\n  - Reduced old-age poverty.\n  - Also incurred high fiscal costs."
    },
    {
      "heading": "Financial sector resilience and vulnerabilities",
      "content": "- The financial system remains resilient.\n- Rising vulnerabilities are noted, specifically:\n  - Real estate sector-related vulnerabilities.\n  - Lower financial market depth."
    },
    {
      "heading": "Cross-cutting policy implications",
      "content": "- Policies should balance strengthening social outcomes (for example, via the minimum guaranteed pension) with fiscal sustainability given high fiscal costs.\n- Structural reforms to raise growth potential are prioritized to alleviate social and fiscal pressures.\n- Ongoing supervision and macroprudential vigilance are implied to address real estate vulnerabilities and limited market depth.\n\nSource: Chile: 2024 Article IV Consultation-Press Release; and Staff Report, International Monetary Fund\n\n---\n\n Content in this bundle\n\n- 1chlea2025001-print-pdf\n  - 1chlea2025001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1chlea2025001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 5, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229000321.002",
    "The economy is \"broadly balanced\" but external risks are \"elevated\".",
    "Chile’s macroeconomic position is sound due to its \"very strong fundamentals, policies, and policy frameworks\".",
    "Lifting Chile’s growth potential is necessary to raise living standards and tackle social and fiscal pressures.",
    "The goal of a \"broadly balanced fiscal position by 2027\" remains appropriate but has become more challenging.",
    "Continuous enhancements to Chile’s already \"very strong fiscal framework\" would foster fiscal policy formulation and transparency.",
    "Key policy emphasis:",
    "A pension reform is described as essential to ensure adequate pensions and to address the fiscal costs of population aging.",
    "Specific reform priorities:",
    "The minimum guaranteed pension has:",
    "The financial system remains resilient.",
    "Rising vulnerabilities are noted, specifically:",
    "Policies should balance strengthening social outcomes (for example, via the minimum guaranteed pension) with fiscal sustainability given high fiscal costs.",
    "Structural reforms to raise growth potential are prioritized to alleviate social and fiscal pressures.",
    "Ongoing supervision and macroprudential vigilance are implied to address real estate vulnerabilities and limited market depth.",
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