A sound capital market, in turn, can better channel savings to different horizons and to more productive projects. In addition, encouraging savings would undoubtedly have a positive effect on trend growth. As for improving productivity, there are certainly no easy solutions to such a task. Proof of this is that several governments have convened commissions, and programs have been undertaken to address this issue. So far, we have not achieved sufficient improvement to reverse its downward trend. All in all, it is a much-needed effort to implement. Elements such as education and job training are significant and far-reaching challenges. So are those related to the availability of resources to expand the capital stock. Here, once again, generating policies that favor savings can play a very important role. It is important to bear in mind that increasing growth is not an end in itself, but the means by which we can generate a greater flow of resources and distribute more to all of us part of this country. Dear senators, we face very important challenges ahead. The economy is going through a period of adjustment that is necessary to bring inflation down to levels compatible with the 3% target over a two-year horizon. The closing of imbalances is inevitable; our task is to bring it about at the lowest possible cost to households and businesses. Macroeconomic policies are doing their job to make this happen, but there is still a long way to go to ensure that the problem has been solved.
16  20  21  22  23  24  Figure 14 a) World: Forecasts contained in latest MP Reports (annual change, percent)  6  Mar.21 Mar.22  Jun.21 Jun.22  Sep.21 Sep.22  b) Actual and projected prices (*) (dollars per pound)  Dec.21 Dec.22  5  5 4 3 2 1  Copper Sep.22 MP Report Dec.22 MP Report  16 4  17  18  19  20  21  22  23  24  (dollars per barrel)  3.2 3 1.9  2  Oil MP Report Sep.22 MP Report Dec.22  125 100 75 50 25  16 17 18 19 20 21 22 23 24  (index)  1  160 140 120 100 80  0  22  23 (f)  (f) Forecast. Sources: Central Bank of Chile and Bloomberg. FAO index MP Report Sep.22 MP Report Dec.22  16 17 18 19 20 21 22 23 24 (*) Actual price figure is average of each year. Dotted lines denote the 2022-24 forecasts contained in respective MP Report. Sources: Central Bank of Chile and Bloomberg.