In part, this is due to better prepared health systems and the adaptation of businesses and households, increased testing and tracking capabilities, and the ability to focus on those services more intensive in human interaction. Meanwhile, in the last few weeks, important progress has been made in the development and distribution of Covid-19 vaccines, with several of them in advanced stages and having reported a high degree of effectiveness. In the event of early clinical approval, which is already happening in some countries, laboratories would be able to produce and deliver doses to vaccinate about half of the world’s population by the end of 2021, with several countries achieving herd immunity over the next year. This process will occur at different speeds around the world, depending on laboratory production, government contracts, the effectiveness of international coordination, distribution and delivery capacity, and people’s willingness to be vaccinated. Consequently, the uncertainty regarding the magnitude and speed of the impact that vaccines will have on economic recovery is still significant. This depends on how soon restrictions will be lifted, whether people will adjust their behavior, and whether the confidence of economic agents will recover. Therefore, the impact of the vaccine on activity will be more significant only as from the second half of 2021. In any case, the international financial markets have reacted positively to the news about the vaccine, exhibiting higher asset prices and lower risk indicators. All this is occurring as global economic activity continues to recover from the pandemic’s shock.
Page 17 of 19  20 Apr.20  20 Aug.20  Table 1 Domestic scenario (annual change, percent)  2019  GDP Domestic demand Domestic demand (w/o inventory change Gross fixed capital formation Total consumption Goods and services exports Goods and services imports Current account (% of GDP) Gross national savings (% of GDP) Nominal gross fixed capital formation (% of GDP)  2020 (f)  2021 (f)  2022 (f)  Sep.20 Report  Dec.20 Report  -5.5/-4.5 -7.1 -5.6 -10.6 -4.2 -2.2 -9.4 -1.4 18.5 21.0  -6.25/-5.75 4.0-5.0 5.5-6.5 3.0-4.0 -9.1 5.6 9.4 2.7 -7.8 7.0 9.6 2.4 -13.0 8.0 7.3 4.9 -6.3 6.8 10.3 1.7 -1.7 5.0 4.3 4.8 -12.6 8.6 16.0 2.2 0.9 -2.5 -1.5 -1.7 19.7 16.8 17.0 18.2 20.5 21.8 20.6 22.2  1.1 1.0 1.5 4.2 0.8 -2.3 -2.3 -3.9 18.9 22.4  (f) Forecast. Source: Central Bank of Chile. ***  Page 18 of 19  Sep.20 Dec.20 Sep.20 Dec.20 Report Report Report Report 3.0-4.0 2.9 2.5 5.1 1.8 4.8 3.4 -1.8 17.6 21.2