Summary: Chile’s GDP growth slowed sharply in 2014, as lower copper prices hurt the mining sector while non-mining investment suffered from the decline in business confidence after the launch of an ambitious set of reforms by the new administration. The strong fiscal and monetary policy response helped stabilize the economy, but output is expected to recover only gradually to a lower medium-term growth rate than forecasted in the 2014 Article IV Consultation staff report, and the balance of risks remains tilted to the downside.

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