Colombian President Juan Manuel Santos expects the economy of his country to go up 5% this year, he told an economic summit organized by press agency Reuters.
Following this year’s growth, the Colombian President expects his country’s gross domestic product to rise 6% in the following years and that his country will be awarded more credit rating agency investment upgrades.
“We believe that this year sooner rather than later the other ratings agencies, like Moody’s and Fitch, will also give this evaluation,” Santos said in a taped response to questions and topics posed by Reuters.
Moody’s and Fitch ratings both have Colombia just one notch below the investment grade, which it lost during a 1990s fiscal crisis. But with violence from its long war easing, Colombia is enjoying a boom in oil and mining investment.
According to state statistics agency DANE, the Colombian economy grew 4.3% in 2010.
