Defending employment at all costs is the most important thing in the face of the looming economic crisis, said the president of the national trade federation Fenalco in an interview with RCN.
Fenalco president Guillermo Botero said protecting jobs to maintain activity in the economy is of the highest importance as the crisis draws near.
He explained that that in times of crisis the finance sector tends to reduce interest rates and this affects consumption which usually has a positive impact on the economy.
“The interest rates have been increasing and it is beginning to be concerning. A serious recession is brewing and people are being impacted by high prices,” said Botero.
Daniel Castellanos, the president of economic affairs at banking association Asobancaria, disagrees with Botero.
The economist told Caracol Radio he is confident that Colombia’s economy will maintain stability in the face of the reverberations of a global economic crisis.
“We see a very solid economy, but experience has shown us that when things are bad in the world, you just prepare yourself,” the banker said. “The management of the interest rate by the central bank does not translate into an increase in rates in the market, there aren’t jitters.”
Castellanos added that he will seek a frank dialogue to protect the economy and avoid overheating when he meets with President Juan Manuel Santos, other business leaders and government officials.