INSUBCONTINENT EXCLUSIVE:
aiming for 2% to 4%, with a specific goal of 3%.Inflation has been hard to manage
It dropped below 2% in 2020 due to the pandemic
Since 2021, it has exceeded 10% and not returned to the target range.Yet, since April 2023, inflation rates have started to slow down
lower than the expected 0.63%
(Photo Internet reproduction)Perishable food prices drove this surprise, but climate conditions in January might change this
explains.The GDP is expected to have grown by 1% in 2023, with an estimated 0.75% increase in the last quarter.For 2024, the market
forecasts a 1.46% GDP growth, driven by a 2.21% increase in the fourth quarter.The first three quarters are expected to grow by 0.27%,
the current BB+ rating.Unemployment Reflects SlowdownAlthough unemployment rates have improved, currently under 10%, the economic slowdown
is expected to impact future rates.November ended with a 9% unemployment rate, with the fourth quarter projected to close at 9.51%.Forecasts
market rate saw a significant recovery in 2023, moving from over COP$5,000 per dollar to around COP$3,950 by year-end.Predictions for 2024
suggest stability around these levels, with a slight increase to COP$4,004 by year-end.Interest rates are expected to normalize, starting
with a 50 basis points cut in January, eventually reaching 8.28% by year-end, indicating a total cut of 475 basis points.Lastly, fiscal and
current account deficits are projected to be 4.36% and 3.41% for 2023, improving slightly in 2024.
