Colombia continues to recover with few external tailwinds

Summary

The Colombian economy will continue to consolidate its growth at a slow pace, in a context of strong external headwinds. Globally, our growth forecasts have declined for some of our trading partners due to a more negative external environment.

Key points

• Key points:
• For 2020, the growth of the economies of the United States, the Eurozone, Mexico and China is expected to slow.
• For 2020, private consumption will continue supporting activity, though moderating somewhat its momentum.
• The deterioration of the labour market puts a ceiling on more dynamic expansions of consumption in 2020.
• Investment in machinery and equipment and in civil works will continue to grow well and contribute to growth.
• We anticipate weak export performance due to lower growth in trading partners, low commodity prices, and our limited ability to massively materialize exchange rate devaluation into higher exports.

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