translated from Spanish: OECD expects Chile to suffer the biggest recession since 1982 due to covid-19

The Organization for Economic Cooperation and Development foresees that Chile will fall into its greatest recession since 1982 due to Covid-19 as through a report the agency anticipated that there will be an expected decline of 7.1% of GDP in the event of a second outbreak or 5.6% if the health crisis subsides. This document is supported by a slowdown in exports, the impact of containment measures on consumption and employment, and the uncertainty surrounding household income. Chile already exceeds 2,200 coronavirus deaths and rubs back 139,000 contagions. If the pandemic subsides, the OECD believes that the economic recovery would begin in the third quarter driven by consumption. In addition, the OECD said that in the worst case scenario it believes that private consumption will fall by 16.5 per cent this year and unemployment will reach 10.1 per cent, while in its most optimistic forecast it brings those percentages to -13.9 per cent and 9.5 per cent.” Until there is effective treatment or vaccine, immediate priorities should be to increase the ability to do mass testing and tracking and the provision of medical care for all patients, regardless of whether they are safe or not,” the report concludes.

Original source in Spanish