15  Table 2 World growth (annual change, percent) 2017  2018 (f) 2019 (f) 2020 (f) Sep.18 Dec.18 Sep.18 Dec.18 Sep.18 Dec.18 MP Report MP Report MP Report MP Report MP Report MP Report  World at PPP World at market exchange rates Trading partners  3.7 3.2 3.7  3.8 3.1 3.6  3.7 3.1 3.6  3.6 2.9 3.5  3.5 2.8 3.5  3.4 2.8 3.4  3.3 2.7 3.3  United States Eurozone Japan China India Rest of Asia Latin America (excl. Chile) Commodity exporters  2.2 2.4 1.7 6.9 6.7 4.4 1.1 2.7  2.9 2.1 1.0 6.6 7.3 4.2 1.3 2.3  2.9 2.0 0.9 6.6 7.3 4.2 0.9 2.5  2.3 1.9 0.8 6.2 7.6 4.1 2.1 2.2  2.3 1.8 0.8 6.1 7.6 4.0 1.8 2.3  1.9 1.7 0.5 6.1 7.6 4.2 2.6 2.2  1.7 1.7 0.5 6.0 7.5 4.1 2.5 2.2  (f) Forecast. Source: Central Bank of Chile. Table 3 Stylized facts of the Chilean labor market 1. Female participation has rise while youth participation has diminished, in line with increased coverage of college education. 2. Human capital has grown importantly, but lags remain with respect to developed countries in terms of coverage and especially quality. 3. The return on working expertise of Chilean workers is low from an international perspective, with wide differences among persons with different educational levels. 4. Informal work has decreased in Chile, but is still way above the standards of developed countries. 5.
The baseline scenario uses as a working assumption that the monetary policy rate will continue to rise in the coming months to approach its neutral level of 4% to 4.5% in the first half of 2020. The Board has stated that it expects to adjust the MPR in a gradual and prudent manner. In particular, the implementation of monetary policy will be conditional on the effects of incoming information on the  4  projected inflation dynamics, making the necessary adjustments to policy measures if faced with significant deviations in either direction. Risk scenarios As usual, there are internal and external elements that may alter the projections I just presented you. Like in the past several quarters, the risk balance of the external scenario relevant to Chile remains biased downward. The main risk continues to be a drastic deterioration of financial conditions facing emerging economies, which could result from some of many elements. On one hand, whatever happens in the US is important to us, because of its effects on inflation as well as its monetary policy and economic outlook. On the other hand, major geopolitical risks persist. The trade conflict has tended to refocus on the US versus China, in a context where the Chinese economies have activated several stimulus measures, but financial risks remain while the economy rebalances. In any case, the meetings held by the two nations during the G-20 convention seems to indicate that this conflict will not escalate any further, at least for some time.