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Alberto Naudon: Chile's macroeconomic normalization in a not

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Alberto Naudon: Chile's macroeconomic normalization in a not-so-normal world Speech (virtually) by Mr Alberto Naudon, Deputy Governor of the Central Bank of Chile, at an event, organised by Goldman Sachs, Santiago de Chile, 4 March 2026. Presentation accompanying the speech A. Introduction Thank you very much for the invitation and for the opportunity to share some reflections on the outlook for t...
The strongest version of this narrative presents Chile's economic recovery as a cautious success story: growth outperformed expectations, inflation is converging to target, and monetary policy has navigated normalization prudently. The Central Bank's transparency about uncertainties—such as the durability of productivity gains and the drivers of exchange rate appreciation—adds credibility. However, the analysis also reveals subtle patterns worth noting. The emphasis on "transitory factors" to ex...