Chile Is in Recession, But Will Rebound, Says Finance Minister Quiroz
Channel: Bloomberg Television
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Read a transcript preview of “Chile Is in Recession, But Will Rebound, Says Finance Minister Quiroz” from Bloomberg Television, uploaded on 2026-11-11.
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Language: English (creator captions)
[0:00] I wanted to start talking about Chile's economy.
[0:03] It contracted in the first quarter, stagnated in the second quarter.
[0:07] Is China in a recession? Uh, well, you might call it technically
[0:12] a recession, but, uh, basically it has faced some supply shocks this year.
[0:18] Uh, mostly the impact of copper production, uh, strong declining copper
[0:23] production, uh, that has an impact on, on on overall, uh, economic activity.
[0:30] But if you look at the non copper side of the economic activity, you will see a
[0:35] strong growth particularly in the first in the last 2 or 3 months.
[0:39] Uh and and seasonally adjusted growth uh growing very strongly uh, last month.
[0:45] So we, we're quite confident that as good as soon as we leave this year with
[0:51] this decline in copper production. Uh, we will see next year, which
[0:55] figures, uh, growth figures above 3%. So we are technically in a recession
[1:00] right now. Yeah, I mean, you can call it because
[1:02] you have two quarters in a row with, uh, negative growth and you expect that
[1:06] through the end of the year, but the next year definitely will pick up.
[1:09] Definitely will pick up, uh, either by the end of the year, but definitely next
[1:14] year, because we won't have the impact of this, uh, covert production, uh,
[1:18] decline. So you've talked before about Chile
[1:21] attaining growth rates of 4%. That's right.
[1:24] How soon can that happen? Uh, pretty soon actually.
[1:28] Pretty soon. Uh, we are having, uh, we're already
[1:31] seeing the effects of the market reforms that we have made so far.
[1:35] Uh, the decline in the corporate tax