A survey by Chile's National Chamber of Commerce revealed that 45% of the companies surveyed said they were not operating. The survey was carried out on a total of 569 companies distributed throughout the country, representing 111,448 workers and 7,054 premises. Only 7% of the companies surveyed indicated that they are operating at 100%.
Latam Airlines released its preliminary air traffic statistics for the month of March, compared to the same period last year. Thus, the company, which was strongly affected by the COVID-19 shock in Chile and the world, said that passenger traffic last month showed a decrease of 37.9%, while capacity dropped 27.5%.
Chile's President Sebastian Piñera said that state-guaranteed loans will allow banks to provide working capital loans to companies for up to $24 billion. These loans will have a real maximum interest rate, which in the current circumstances will be 0, or even negative, depending on the evolution of inflation.
The World Bank warned that Chile's GDP will contract by 3% in 2020. The organization predicted that the effects of the global crisis caused by the Coronavirus will plunge Latin America into a recession, with a 4.6% contraction in GDP in 2020, fuelled also by poor results in previous years, protests in 2019 and falling oil prices.
The Confederation of Production and Commerce (CPC) and the Chilean government announced a preventive care fund, which includes both public and private amounts, to protect the country's most vulnerable elderly population from the Coronavirus. The business sector will contribute with a donation of CH$5.1 billion ($6.09 million) for the project, to which another $8 billion ($9.44 million) will be allocated by the State.