Colombia’s central bank lowers 2015 growth expectation to 2.8%
Colombia’s economy will grow only 2.8% in 2015, according to the country’s central bank, which on Tuesday was forced to lower its 2015 GDP growth projection due to low commodity prices.
Colombia’s economy will grow only 2.8% in 2015, according to the country’s central bank, which on Tuesday was forced to lower its 2015 GDP growth projection due to low commodity prices.
Two analysts have predicted that Colombia is going to face ten years of stunted economic growth unless the country increases its rates of productivity.
Colombia’s government hopes that “intelligent” austerity measures proposed for 2016 will curb an ongoing economic slowdown and push GDP growth to 4.5% in 2018.
Colombia’s economic growth rate is expected to decline from previous projections as it reduces its reliance on commodity-based industries, according to the Organization for Economic Cooperation and Development (OECD).
Colombia’s economy will face a slowdown but not a recession in 2015, a top banking representative said on Friday.
Colombia lowered its GDP growth goal for 2015 due to recent declines in oil prices and anticipated lack of foreign investment.
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The external debt burden on Colombia rose 15.6% in the first half of 2014 compared to the same time last year, growing as much as 24.4% of the country’s GDP.