LatinNews Daily - 15 May 2024

*Chile’s finance ministry has presented its report on public finances for the first quarter of 2024, in which it has raised its 2024 GDP growth forecast to 2.7%, up from 2.5% in its previous (February) estimate. According to the report, the increased forecast reflects "growing momentum since mid-2023 and a solid first quarter, on the back of lower interest rates, a recovery in consumption, and greater export dynamism". Finance Minister Mario Marcel stated that: “We have left behind several years of fiscal uncertainty; the macroeconomic scenario for 2024 builds positively on the fiscal foundations.” In particular, Marcel noted that “the increase in the price of copper that is expected over the coming years provides relief in the margin for the fiscal figures”. The government has raised its 2024 copper forecast to US$4.20 per pound, up from US$3.84, according to Bloomberg. The report also lowers the forecast for the debt-to-GDP ratio for 2024 to 40.6%, down from 41.2% in February, while it maintained the 2024 fiscal deficit projection at 1.9% of GDP.