Weekly Report - 05 May 2022 (WR-22-18)

CHILE: Growth and inflation head in wrong direction

Chile’s central bank cut its economic growth forecast for this year to only 1.5% (down from 3.5% previously) on 3 May, while raising the inflation forecast to 8.9% (up from 6.5% previously) due in part to the high cost of fuel and some food shortages exacerbated by the conflict in Ukraine. The bank’s action served as confirmation that the new government led by President Gabriel Boric faces strong global economic headwinds, compounding its uncertain start.

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