2018 (e) 2019 (f) 2020 (f) 2021 (f) March June March June March June 00 - 07 10 - 17 Report Report Report Report Report Report Terms of trade Trading partners' GDP World GDP at PPP World GDP at market exchange rates Developed economies GDP at PPP Emerging economies' GDP at PPP External prices (in $  8.2 3.6 4.5 3.2 2.4 6.5 4.6  2.0 3.9 3.9 3.1 1.8 5.3 0.8  LME copper price $ Oil price, WTI-Brent average $  154 43  312 79  -2,1 3.6 3.6 3.0 2.2 4.8 2.4  (annual change, percent) 2.2 0.9 -0.3 3.3 3.2 3.2 3.3 3.2 3.2 2.6 2.5 2.6 1.6 1.6 1.5 4.6 4.5 4.5 -1.3 -1.8 3.7  0.1 3.2 3.2 2.5 1.5 4.5 3.4  -0.9 3.3 3.3 2.7 1.6 4.7 3.7  -0.3 3.3 3.3 2.7 1.6 4.7 3.4  (levels) 280 64  280 62  290 60  280 59  296 68  290 62  290 62  (e) Estimate, except for commodity prices. (f) Forecast. Source: Central Bank of Chile.
After considering these elements and the prospects for the economic scenario, the right move was to reduce the MPR. I believe it is important to stress that this decision is based on an important analytical effort of the Bank, backed by the search for more evidence and capacity to identify structural phenomena that affect the Chilean economy. This is the conclusion of an announced and documented process, which required a rigorous development before materializing in a change of the MPR, because monetary policy cannot be conducted on the basis of intuitions or perceptions. We have characterized this exercise as a monetary policy recalibration because it is largely derived from an update of the structural parameters that serve to characterize the macroeconomic situation and inform the policy rate decision. This translates into a one-time adjustment of the rate, whose exceptionality is reinforced by the unusual combination of changes in the parameters, including the new measurement of inflation. However, we must make it clear that this does not mean ignoring the recent performance of the economy. On the contrary, the effective growth rate of recent months is weaker when compared with a higher trend growth. Page 1 of 18  Similarly, recalibrating the MPR does not mean that it cannot be adjusted in the future in the face of changes in the macroeconomic environment: rather it will allow for an adequate response to said changes to be evaluated on their own merits, without mistaking them for the factors that justified this adjustment.