January 4, 2023
María Claudia Llanes
•MSc. in Economics from the University of London, London
•Previous work experience: Research on pension systems at the National Planning Department of Colombia
•Research on Chilean pension system as a consultant in Chile
•Joined ERD BBVA Colombia on October 2009
In November 2022, the national unemployment rate was 9.5% and the urban unemployment rate was 9.1%. With this, the national unemployment rate was 2.0 percentage points below that of the same month in 2021, and the urban unemployment rate was 3.1 percentage points below.
At its December meeting, Banco de la República increased the monetary policy rate by 100 basis points, bringing it to 12.0%. Although the vote was mostly for a 100bp increase, there was one vote for a 125bp increase and another for a 25bp increase.
Global growth will continue to decelerate gradually in 2023 and recover thereafter. Colombia's GDP will follow a similar path, mainly explained by lower household spending. Inflation will be lower over the next two years, allowing for lower interest rates from the end of 2023.