Parting Shot: Beyond copper

Parting Shot: Beyond copper

Bonds Comment & Opinion Chile

Chile’s economy is growing below potential. During the last couple of years, it has only grown around 2%, compared to an average more than 5% per year over the past 30 years. It’s not a disaster but it’s lower than what we’re used to. The economy is going through a transition. The significant decline in the price of copper has impacted trade, so the economy is moving away from the mining sector and focusing on other sectors, mostly other exports and services. We’re helping this transition with an accommodative monetary policy. We’ve kept interest rates down during the period of low growth and allowed the currency to depreciate. In our view, the currency needed to be devalued, but it has come

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