Figure 16 Output gap (1)(2) (level, percentage points) Mar-21 Report  4  Jun-21 Report  0  -4  -8  -12  -16 19  20  21  22  23  (1) Historic estimates of the gap have changed because of recalculation of Potential GDP. The forecast uses the Multivariate Filter, which factors in the new Non-mining trend GDP (20212030 average: 2.9%). (2) Dotted lines show forecast. Source: Central Bank of Chile. Page 22 of 27  Figure 17 Inflation forecast (annual variation, percent) 5  CPI  MP Report Jun.21  Core CPI (*)  MP Report Jun.21  4  3  2  1  Forecast  0  20  21  22  23  (*) Measured by the CPI minus volatiles. Sources: Central Bank of Chile, National Statistics Institute (INE), and Health Ministry of Chile. Figure 18 Total factor productivity (TFP) growth in Chile (*) (percent) 6  TFP  5  1997-2019 mean  2011-2019 mean  4 3 2 1 0 -1 -2 -3 1997  1999  2001  2003  2005  2007  2009  2011  2013  2015  2017  2019  (*) Annual growth in TFP for non-mining GDP. For details, see the monetary policy meeting's minutes released together with this Monetary Policy Report. Source: Central Bank of Chile.
Other annexes are still under development and will be finalized during the course of this year. Second, I would like to inform the Committee of the results of an evaluation that the CBC voluntarily underwent as part of the International Monetary Fund’s (IMF) pilot scheme for the new Central Banks Transparency Code. The Code, which was approved by the IMF in July 2020, covers transparency in governance, policies, operations, outcomes, and official relations.7 This evaluation was done over five months, and concluded that “the Central 5  This document can be seen at https://www.imf.org/-/media/Files/Publications/PP/2020/English/PPEA2020038.ashx The Panel was composed by former Governor of the Bank of Israel Karnit Flug (Chair of the Panel); Senior Research Fellow at the Brookings Institution, Member of the Financial Stability Committee of the Bank of England, and former Vice Chairman of the US Federal Reserve Donald Kohn; Professor at the University of Cambridge, England, and Expert Evaluator on Transparency and Communication of Monetary Policy Petra Geraats; Professor at the University of Columbia University, United States, and former Chief Economist of the IADB Guillermo Calvo; and University of Pennsylvania Professor and former IMF Research Fellow Enrique Mendoza. The Panel conducted its work between January and September 2019. Both the final report and the CBC’s response to each of the Panel’s recommendations are available at https://www.bcentral.cl/documents/33528/2077651/BCCh_Evaluaci%C3%B3n_Externa-Respuesta_BCCh.pdf 7 For the IMF’s Central Bank Transparency Code, see footnote 5. For the result of the CBC evaluation, see 6  Page 13 of 27  Bank of Chile has implemented broadly advanced transparency practices.