According to the OECD, each month of confinement, there will be a loss of 2 percentage points in annual GDP growth. Only the tourism sector faces a decline from 50% to 70% in this period anywhere. Many economies will fall into recession.
According to the International Air Transport Association (IATA), losses to industry in 2020 will be around $252 billion, a decline of about 44%. The number of reserves in March fell by 50% globally, a figure that would be repeated by April.
Chile's benchmark interest rate would drop to 0,5% at the end of the month and remain at that level at least until September, according to a Central Bank survey. In mid March, the Central Bank cut the Monetary Policy Rate (TPM) to 1,0% amid the weakness of the economy and the uncertain outlook for the rapid spread of coronavirus.
South American ministers met to discuss issues related to the continent's agricultural production, transportation, and food distribution to guarantee the flow of essential goods during the quarantine period. The ministers agreed to standardize a procedure so that trucks could continue circulating across the borders without affecting the food supply chain between the different countries.
Jetsmart announced that it will reduce its operations in Chile by 88%, maintaining only 14 of the 42 routes it uses in Chile.