8  12  14  16  18(f) 20(f)  Figure 5 Total, trend, and potential GDP (1) (annual change, percent)  6  6 Total GDP (2)  5 4  4  Trend GDP  3  5  3  Potential GDP  2  2  1  1  0  0  -1  -1 12  13  14  15  16  17  18  19  20  (1) For more details on trend and potential GDP, see "Trend growth: Medium-term Forecasts and Analysis of its Fundamentals", published in Spanish together with the September 2017 Monetary Policy Report. (2) Total GDP uses actual data up to 2017 and for subsequent dates the forecasts contained in the March 2018 Report. Source: Central Bank of Chile. Figure 6  Parities with respect to the US dollar (index, 2017-2018=100)  110  110  106  106  Latin America  Chile  102  102  98  98 Commodity exporters  94  94  90 1717  90 17 Mar. 17 May  17 Jul. 17 Sep.  Sources: Central Bank of Chile and Bloomberg. 9  17 Nov.  18 18  Mar.18  Figure 7  Nominal exchange rate (*) (pesos per dollar)  680 660  680 JAN-MAR 2018 Avg. DXY=90.2 670 Avg. copper=316 2018 growth (EES)=3.3 660  650  650  640  640  630  630  670  620  620  JAN-JUN 2017 Avg.
Importantly, behind the growth of sectors other than natural resources—Other GDP—was the fact that improvements in human capital, the incorporation of women into the labor force, and immigration, would help to offset the negative effects of the aging of the Chilean population and the tendency to reduce the actual number of hours worked that comes with development. This projection assumed a relatively neutral role for capital, in the sense that it expanded at the same rate as Other GDP. This assumption is consistent with the capital/product ratio remaining near its historical average, a stylized fact observed in other countries as well. For this to occur, however, it is necessary for investment to grow in consistency with potential GDP growth again. Our projection also assumed that total factor productivity of the sectors unrelated to natural resources would go back to grow at rates around its average of the last twenty years, a major challenge, but clearly possible. The recovery of the growth trend of productivity of these sectors will be especially important, given the declining trend of natural resources, mainly associated with mining ore downgrade. Finally, we show that the Chilean evidence suggests that there are significant inefficiencies in the allocation of resources among firms and that there would be first-order gains from measures to improve them, which, unlike the case of human capital, could generate  5  profits sooner. Although these policies fall outside the scope of the Central Bank, we believe it is important to reiterate their relevance to this Committee.