"This number indicates a very important fall. However, it is an improvement compared to the previous projection," Finance Minister Ignacio Briones stated.
In its "World Economic Outlook" report published on Tuesday, the IMF announced an improved forecast for the Chilean economy compared to June, when it projected a 7.5 percent drop.
The minister also said that Chilean analysts are predicting an economic recovery of around 5 percent growth for 2021, while the IMF has forecast 4.5 percent.
"We are living in difficult times, the challenge is great, it is enormous, at the global level and also at the level of our country," he said.
Briones stated that "the main challenge is to recover our economy, recover employment, recover work. That is our priority and we believe it should be the national priority."
The IMF projected that the world economy will contract 4.4 percent in 2020.