Chile's economy will close this year with a 6% gross domestic product (GDP) decline, according to the Organisation for Economic Cooperation and Development (OECD). For 2021, OECD forecast a 4.2% growth in a gradual economic recovery that will last over next two years, based on the household consumption and a progressive improvement of labour market.
According to the Central Bank, Chile's economic activity fell 1.2% in October compared to last year. The bank’s IMACEC economic activity index encompasses about 90% of the economy tallied in gross domestic product figures. Bank statistics show that the October figure was the economy’s best showing since February, when the economy grew 3.3%. Chile’s mining activity also grew by 1.6% in October.
Chile and the European Union could seal a deal on a modernised free-trade accord by April, according to Chile's trade minister, giving Chile greater access to the world’s biggest trading bloc. The EU and Chile signed a deal on political and economic cooperation in 2002, but decided it needed updating to take into account issues including climate change, education policy and trade. A broader deal with the EU could drive economic development in Chile by attracting investments.
American Airlines and the Chilean government are partnering to offer customers access to VeriFLY, a new mobile app designed to help travelers understand COVID-19 documentation requirements and enable them to securely store and display their test results digitally. In addition, the airline is the first to provide customers traveling to South America with a convenient at-home testing option through LetsGetChecked.
Chilean public health workers went out on an indefinite strike, a week after ongoing union negotiations with the Health Ministry failed to achieve any results. Amidst the devastating impact of the pandemic, health workers have been involved in strikes and marches to obtain an increase in the health budget, better work conditions, official recognition and unpaid bonuses.