OECD Economic Outlook, Volume 2022 Issue 2
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The global economy is facing mounting challenges amidst the largest energy market shock since the 1970s and the cost-of-living crisis for many households from rising inflation pressures. The OECD Economic Outlook, Volume 2022 Issue 2 highlights the unusually imbalanced and fragile outlook, the significant downside risks associated with energy market developments and rising financial vulnerabilities as interest rates are raised, and the associated policy challenges. Well-designed and timely policy actions are required to maintain economic stability, enhance energy security and strengthen the prospects for future growth.
This issue includes a general assessment of the macroeconomic situation, and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD members as well as for selected partner economies.
Also available in: French
Chile
Growth is expected to slow to 1.9% in 2022. A 0.5% contraction of output is projected for 2023, followed by growth of 2.6% in 2024. Tighter financial conditions, the withdrawal of pandemic-related support measures and the eroding effect of inflation on purchasing power will dampen household consumption. Higher interest rates and low business confidence will keep investment subdued. Inflation has recently started to abate and will continue moderating throughout 2023, as the effects of monetary policy tightening on growth and inflation become visible, and will return towards the Central Bank of Chile’s 3% target in 2024.
Also available in: French
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