Sharp inflation moderation and/or growth deterioration Chile's key downside risks

Two factors could alter the Chile's key downside risks.

• First, growth in H2 15 and the outlook for 2016 would have to worsen more seriously (less than 2% in H2). 
  
  
• Second, inflation would have to decline faster (less than 3% in H2 15 and H1 16) than expected at the moment.