The retail and tourism sector, which accounts for more than 10% of GDP, is operating at 40-50% of its capacity. Construction, in turn, has seen a 25% decrease in its activity. In agriculture, it is doing so at between 70% and 80%.
Day: March 30, 2020
S&P forecasts a mild recession for Chile this year but a strong rebound in 2021
S&P Global Ratings estimated that most Latin American economies will be in recession by 2020. In the case of Chile, the rating agency estimates that the country's economy will contract slightly by 0.2% in 2020. It also expects a strong recovery in 2021, with a projected growth of around 3%.
BHP allocates $8 million dollars to implement rapid tests for Covid-19
Mining company BHP developed various programmes to support the public health network, its workers and the communities near the mines that sums up to $8 million. The company will implement a program of rapid tests for Covid-19 that will include 150.000 tests.
Government grants emergency voucher for 2.6 million households
The government will grant an emergency bond to about 2.6 million households to help them mitigate the impact of the Coronavirus outbreak in Chile. The bond will benefit households with an average income of about Ch$250,000 ($298.2).
Senior business leaders estimate that there will be a recession in 2020
A survey by PwC and Cadem in Chile revealed that senior executives of companies in that country consider that Chile will enter recession in 2020. The survey of 300 top executives showed that 70% of those polled believe that Chile's GDP will be negative in 2020. Likewise, 56% think that it will take more than six months for companies to normalise their activities after the Coronavirus pandemic that is shaking the world.
