Mario Marcel: Remarks on the Chilean economy

Breakfast presentation by Mr Mario Marcel, Governor of the Central Bank of Chile, at the Council of the Americas, New York City, 20 April 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
23 June 2017

1. The last few months have brought mixed signals for the Chilean economy. Recent data suggest the global outlook appears more favorable, particularly for emerging economies. On the one hand, activity data and expectations in advanced economies have been more upbeat, marked by better than expected performance by the manufacturing sector and a more positive outlook following years of stagnation. As a result, deflationary risks have dissipated, as inflation is expected to return to more normal levels. The Federal Reserve (Fed) has continued to normalize monetary policy and monetary authorities in Europe and Japan appear to have set aside the possibility of additional stimulus measures. Markets have incorporated these changes in their expectations avoiding any serious disruptions. Along with better signs in advanced economies, activity in China has remained relatively stable, which contrasts with what had been observed one year ago.