According to the February Economic Expectations Survey (EEE) launched, Chilean market experts, forecasted a 1.5 percent decrease in the economy by the end of 2023 and an annual decrease of 1.7 percent in the first quarter of the year, according to the February Economic Expectations Survey (EEE) released Friday by the Central Bank of Chile.Economists surveyed in the February EES expect the countrys economy to grow 2.1 percent in 2024.

The experts likewise explained that inflation in Chile will differ by 0.4 percent this month and 0.8 percent in March.Photo of pinned Santiago on a map of Chile.

It may be used as an illustration for the traveling theme.They also estimated a boost in customer prices of 5.3 percent at the end of the year and 3.3 percent in 2024, with which they expected a yearly drop in inflation in line with the Central Bank of Chiles target variety of 3 percent.The financial policy rate, a tool utilized to suppress inflation by cutting monetary stimulus, is expected to stay at 11.25 percent and decline to 10 percent by mid-2023.

The February FES predicted the policy rate to reach 7.5 percent next December.At its very first meeting of 2023, the Central Bank of Chile again eliminated raising the monetary policy interest rate.It rose from 10.75 to 11.25 percent in October to include inflation, reaching its highest level because 1998.

The regulator unanimously argued that global inflationary pressures remain raised, and significant central banks have continued to raise their benchmark interest rates.

The growth outlook for 2023 stays weak, although it shows a minimal upward modification, the central bank stated on 26 January.Chile ended 2022 with a cumulative inflation rate of 12.8 percent, the highest in years.