Chilean economy entered a recessive scenario: what does this imply?

This day, Scotia’s chief economist, Jorge Selavia, warned that the Chilean economy entered a technical recession. Through Twitter, the expert specified that “following delivering national accounts 2Q2022, it is confirmed that Chile has entered a technical recession of its total GDP (following a contraction of 0.6% qoq in the first quarter and 0.01% qoq in the second). The slowdown is accentuated and the second semester is somewhat worse”. The editor of the economic area of CNN ChileNicolás Paut, explained what this concept means and why it happens.