Chile’s Budget Office projects economy could decrease by 6.5% in 2020

Chile’s Budget Office said on Monday the country’s economy could shrink 6.5% in 2020, a far deeper hole than predicted just two months prior as the pandemic continues to pummel the world’s top copper producer. The budget office said in its second-quarter public finance report that it saw inflation at 2.8%, down from its April prediction of 3.3%. Domestic demand, meanwhile, is expected to decrease by 9.8%, versus an estimated drop of 3.3% previously. The report put the 2020 copper price at $2.48 per pound, up from a previous estimate of $2.36 per pound in April.

Source: Reuters