The global financial crisis inevitably will cause a further
deterioration of the labor market, higher unemployment and more poverty
in Colombia, the country’s Central Bank warns in a report sent to
Congress.
The Central Bank warns that the expected drop in exports will affect the Colombian economy as a whole.
Furthermore, the bank criticizes local, departmental and national government for the delay in public spending, which could stimulate the economy and diminish the effects of the crisis.
Despite the warning, the bank does believe Colombia will end this year with a growth of its Gross Domestic Product and states the country, although not completely shielded, is in a strong position to pull through the crisis.