The double impact of deep social unrest and a pandemic

The Social Explosion in Chile started as a protest against a tariff increase of the transport
system in the city of Santiago on October 18 of 2019. The protests quickly disrupted economic
activities, with the growth forecasts for the next 2 years falling by 3% of the GDP.
The Covid pandemic caused a fall of around 6% of GDP in 2020. This decline was reversed in 2021
with an explosive growth above 10% of GDP, as a result of several expansionary policies.
Both shocks were unexpected. Carlos Madeira discusses the impact of these twin macro shocks on the households and their debt risk.

Image courtesy of interviewee

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