IMF projections may be ‘too pro-cyclical’ warns Vergara

Rodrigo Vergara

International Monetary Fund projections of potential output and productivity risk becoming "overly pro-cyclical", according to Central Bank of Chile president Rodrigo Vergara.

Yesterday he argued the drastic changes in South American productivity estimated by the IMF over the last few years cannot be explained by the same old structural bottlenecks the Fund has been pointing to for decades.

In a a response to the World Economic Outlook, Vegara, representing Argentina, Bolivia, Paraguay, Peru and

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