02/14/2024 – 22:09
The International Monetary Fund (IMF) published this Wednesday, 14, a report with the conclusion of a consultation mission with Colombia, within the scope of Article IV of the regulations of the international institution. According to the document, the country's economy is expected to grow 1.3% this year.
In the medium term, the institution predicts that real growth in the Colombian Gross Domestic Product (GDP) will converge to 3%, also supported by large-scale infrastructure projects, a greater recovery in private investment and economic gains resulting from the integration of immigrants Venezuelans.
According to the Monetary Fund, inflation and inflation expectations are gradually falling, and the Central Bank of Colombia has been successful in keeping rates at stable levels. In the wake of this movement, the normalization of monetary policy should continue to advance cautiously.
However, the IMF warns of downward risks for the local economy. Intensifying geopolitical tensions around the world could tighten global financial conditions and disrupt or disrupt food and energy supplies. Internally, the document highlights the possibility of El Niño being stronger than expected and damaging Colombian exports and economic activity. Furthermore, the possibilities of private demand weakened by restrictive interest rates and uncertainties regarding the social and energy transition reforms underway in the country were also highlighted.
The text highlights, however, that the government's maintenance of reserves and the implementation of solid policies already underway, including continued adherence to the fiscal rule and the inflation targeting framework, would mitigate risks and continue to support the resilience of the Colombia.
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