Colombia’s economy is likely to grow 4.5% this year, the International Monetary Fund (IMF) said in a report on the global economy published Tuesday.
Estimated 2014 GDP growth in South America
The South American country’s estimated growth is almost double that of South America where the IMF estimates GDP will grow 2.3%, according to the annual Global Economy Outlook for 2014.
The estimated growth is also significantly higher than that of the US whose economy is expected to grow 2.8% this year.
Globally, the IMF expects economies to grow with an average of 3.9%.
The only South American countries with higher estimated growth rates are Peru, Bolivia and Paraguay whose economies are expected to grow more than 5%.
The relatively low estimated growth rates in South American are due to “lower commodity prices, tighter financial conditions, and supply bottlenecks in some countries,” said the IMF.
Consumer prices in Colombia are likely to go up 1.9% this year, the report said.