However, the closing of the capacity gaps that widened in this period and the convergence of inflation to the target will only be completed by 2022. Moreover, this scenario is still surrounded by high levels of uncertainty and significant risks. Let me now turn to the details of the macroeconomic scenario. II.1. Macroeconomic scenario The behavior of the pandemic continues to be the driving factor in the evolution of the macroeconomic scenario. Several months after it first appeared, the Covid-19 has affected all the countries of the world over the course of this year, but its current dynamic is varied. While some countries have seen a more favorable evolution, others have had outbreaks or increases in infections that have yet to be brought under control. In some countries with good sanitary responses to the pandemic, it has been possible to avoid reinstating tougher restrictions in the face  1  of new epidemic outbreaks. The Latin American region overall currently accounts for the largest number of new infections, but they differ from one country to another in terms of their trajectories (Figure 1). In Chile, health indicators have improved, and the authorities have implemented a plan for gradual deconfinement nationwide. Thus, the percentage of the national population subject to quarantine has dropped from its peak of 54% in July to 40% this week. Particularly marked have been the changes in the Metropolitan Region, where the percentage of the population in quarantine has fallen from 98% in July to 46% today.
13  -20  -10  0  Figure 3  Activity indicators  (index, December 2019=100, deseasonalized series)  110  Manufacturing output (1)  Retail sales (2)  110 110  110  100  100 100  100  90  90  90  90  80  80  80  80  70 12.19 Dec.19  70  03.20 Mar.20 China  70 06.20 12.19 Dec.19 U.S. Eurozone Japan  (1) Real series. (2) Nominal series. 03.20 Mar.20 U.K.  06.20 Jun.20  70  Sources: Bloomberg and Eurostat. Figure 4  GDP - selected economies  (quarterly change of deseasonalized series, percent)  20  First quarter  Second quarter  20  Comulative first half  Source: Bloomberg.