Colombia’s president expressed worries the financial crisis in Europe could affect the Colombian economy prior to his involvement in the seventh meeting of the G-20 on Monday, local media reported.
According to the president’s website, Colombia’s economy is envisioned to grow around 4.8 percent for the year. However, problems with Greece, and later Spain and Italy, could usher in a new global downturn.
President Juan Manuel Santos was confident that Colombia was prepared to face the looming storm.
“While we are not completely armor-plated, we are fortunately protected. We have high reserves, low inflation, am increasing lower fiscal deficit, we are among the countries with the best credit on the planet and additionally we have put in place macroeconomic policies that exalted around the globe,” said the Colombian president.
The president’s comments came before an expectedly busy two days for the South American nation at the meeting of the G-20.
Colombia is set to host bilateral meetings with France, Italy, Japan and Russia. On Tuesday, President Santos will present, along with Germany and the UK, Colombia’s proposal for a new global system of food security and availability.
“It is an honor for Colombia to lead together with Germany and the UK this proposal before the G-20 Summit, and it is pleasing to know that we have the support of many other countries,” Santos said.
