IMF Executive Board Concludes 2021 Article IV Consultation with Chile sitecoreitem IMF Executive Board Concludes 2021 Article IV Consultation with Chile April 23, 2021 Washington, DC: On April 19, 2021, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation [1] with Chile. The pandemic hit Chile as it was recovering from the economic consequences of the social unrest in October 2019. Economic activity is projected to have declined by 5.8 percent in 2020, about 7 percentage points below staff's pre-pandemic projection. Inflation has hovered around the central bank's target of 3 percent and inflation expectations remain well-anchored. Although employment has recovered from a contraction of 20.6 percent in mid-2020, it remains below its pre-pandemic level. At end-March 2021, due to rapidly increasing COVID‑19 cases, the government tightened mobility restrictions but expanded existing fiscal measures to mitigate their impact, while the vaccination process is proceeding expeditiously (in this respect Chile is not only the regional leader but also among the top performers globally).