Chile’s renewed lockdown measures provide further evidence that its rapid vaccination programme has a lot further to run to quash the virus. The good news is that the economy seems resilient to stringent restrictions, and there is evidence that vaccines are having a positive impact. We assume that vaccination coverage will reach critical mass by the end of Q3, paving the way for a further pick-up in activity later this year. This feeds into our above-consensus GDP growth forecast of 9% for 2021 as a whole.
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