ratio is calculated at firm level for each period. the numerator is the stock of bank and external debt of each firm. the denominator is calculated as the average of each firm's actual sales ( deflated by uf ) between the third quarter of 2018 and 2019. the debt by sector is calculated as the median of the firms in each sector. the red line is the simple average of all sectors. gray area indicates the ratio of debt to minimum and maximum sales among the selected sectors for each period. the sectors included are : business services, housing services, financial services, personal services, trade, restaurants and hotels, industry, construction, and transportation. fuentes : banco central de chile, comision para el mercado financiero y servicio de impuestos internos. figure 12 bank credit to non - financial companies ( index, january 2020 = 100 ) brazil u. s. colombia france chile germany canada australia mar. may. souces : central bank of chile and bloomberg. page 15 of 19 jul. 09sep. figure 13 growth in 2020 - 2021, selected economies ( annual change, percent ) 2020 - 2021 average ( * ) - 15 - 15 argentina norway - 10 s. africa - 10 canada - 5 n. zealand - 5 australia peru colombia mexico brazil chile ( * ) chile statistic calculated as the average between the mid point of the growth range forecast for 2020 and 2021. sources : central bank of chile and consensus forecasts. figure 14 real gdp ( billions of clp, volumes at spliced chained year - before prices ) sep. 19 report effective dec. 20 report 20 ( f ) 21 ( f ) 22 ( f ) ( f ) forecast. considers the mid point of growth forecast ranges contained in respective mp report. source : central bank of chile. page 16 of 19 figure 15 sovereign rates'volatility, em exchange rate volatility, em ( basis points ) ( annualized percent ) p25 - p75 chile commodity exporters 20 nov. 20 nov. ( 1 ) em includes brazil, china, colombia, hungary, india, indonesia, malaysia, mexico, peru, poland, russia, and turkey. ( 2 ) includes australia, canada, new zealand, and norway. source : central bank of chile based on bloomberg data. figure 16 uncertainty ( * ) ( dec. 2018 = 100 ) chile global dec. 18 apr. 19 aug. 19 dec. 19 ( *

20 measures aimed at expanding the monetary stimulus, deepening it through non - conventional instruments to encourage credit and liquidity, stabilizing financial markets, and gaining space to address additional stressful scenarios. these measures have pledged resources equivalent to more than 20 % of gdp, doubling the size of the bank ’ s balance sheet. these efforts have paid off. the decline in activity stopped in june and in the four months since then it has recovered more than half of the losses of the previous four months. as a result, almost a third of the workers who lost their jobs have obtained new ones and a large number of those who benefited from the employment protection law have returned to their occupations. in the third quarter, fiscal transfers were able to compensate for all the fall in labor income of the poorest 20 % of the population, and the remaining 80 % will have obtained liquidity that far exceeds the loss of income through the withdrawal of pension savings. there is evidence that the fogape - guaranteed loans reached preferentially the companies most affected by the drop in sales, which helped them to resume their activity. moreover, a few months after the start of the pandemic, a significant number of activities, such as trade and education, had adapted their operation to do business under the newly imposed restrictions, resorting to digital or telematic means. to a large extent, this has been possible thanks to the experience, capacity and buffers accumulated over many years within the framework of economic policy adopted in chile. fiscal prudence, expressed in the structural balance rule, generated assets and borrowing capacity to meet spending needs and adopt a countercyclical fiscal policy in the current situation. monetary policy kept inflation low and expectations firmly anchored, generating space to strongly expand its expansionary stance by using both conventional and unconventional instruments. the rigor of our banking regulation, which is expected to be strengthened with the adoption of basel iii standards, allowed banks to expand their loans and respond to the cash flow difficulties of the companies. the depth of our capital market allowed large companies and the government to continue finding financing in the local bond market. the floating exchange rate continued to act as a buffer against external shocks, and the diversification of foreign trade allowed chile to benefit from the anticipated recovery of china and other asian economies. all this has made this crisis different from previous cycles, not only because of the origin and magnitude of the initial shock, but also because of its propagation mechanisms and mitigating factors. this is how