Bloomberg says that in Chile people are buying cars and other goods “in epic proportions”.

RIO DE JANEIRO, BRAZIL – Bloomberg, a firm specializing in the financial sector, published an in-depth report on the “boom” of the Chilean economy amid the pandemic that is still in force but more controlled.

This context addressed the boom in the automotive sector and pointed out that Chileans wait up to 13 months for a new car due to waiting lists and logistical problems, and delays still related to covid-19.

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“Everyone wants to buy a car,” Carol Castillo, a sales executive at a Santiago-based dealership, told the media outlet.

“People are buying in epic proportions. Cars and electronics are flying off the shelves,” Bloomberg said.

The situation was related to state stimuli (IFE, bonuses), withdrawals of funds from the pension funds (AFPs), and the vaccination progress against the coronavirus, which allowed reactivating the economy.

The publication emphasized that this scenario is causing some concern among analysts, fearing an overheating of the economy which will cause “inflation to rise”.

Finally, it noted the warnings of Mario Marcel, president of the Central Bank, who warned that the withdrawals of funds from the AFPs “would trigger harmful consequences, such as price increases and higher financing costs, plus risks for the financial system”.

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