Chief Economist
Ms. Téllez is the chief economist of BBVA Research Colombia. In this role, she leads our team of economists providing economic, financial, sectorial and regulatory analysis of the Colombian economy.
Prior to joining BBVA Research, she worked for the Research Unit at the Colombian Central Bank and served as an advisor to the Office of the Deputy Technical Governor. At the central bank, she also served as economist in areas related to banking, finance and macroeconomics. Ms. Téllez was also teaching assistant at the Javeriana University Department of Economics, where she was the editor for the department’s magazine.
Ms. Téllez received her B.A. in economics from Javeriana University and her Ph.D. and M.A. in economics from Queen Mary and Westfield College, University of London. She is the author of several publications in refereed journals and a regular columnist for several Colombian media.
Latest Publications
The economic challenges faced by the new Colombian president
The new government must solidify its ongoing economic recovery by laying the foundations for better economic performance in the medium term. Growth will no longer depend merely on capital investments and population growth. 48% of the people now working under the table will need to be brought into the formal economy and productivity will have to be increased.
Colombia | Building the recovery
The housing sector has been one of the main drivers of economic activity. It will continue to be very important in the future. There is still ample margin for growth due to a housing deficit in the country, rising household incomes, and a recent improvement in financing conditions.
Available in Spanish
Presentation Colombia Economic Outlook. First quarter 2018
Economic recovery in Colombia will consolidate in 2018, especially in the second semester. Inflation will continue to decelerate in 2018 closing at 3,1%. The Central Bank will be able to reduce interest rates in the first half of 2018 to 4,0%. Structural imbalances continue to adjust, though in the fiscal front there are some challenges in 2019.
Colombia Economic Outlook. First quarter 2018
Higher oil prices and a more robust world growth contribute to the recovery cycle of the Colombian economy in 2018 and 2019. Inflation will continue decelerating, allowing the Central Bank to reduce their policy rate in 2018. Structural imbalances continue to adjust, even though the fiscal balance will face some challenges in 2019.
Colombia | Financing housing: challenges in formalisation and banking
The construction sector will be decisive in the new growth recovery cycle. The housing deficit, low rates of home ownership, the rise of the middle class and demographic conditions will help consolidate the housing sector.
Available in Spanish
Presentation Colombia Outlook. Fourth Quarter 2017
The economic slowdown seems to have ended in the second quarter. In the third quarter, there are signs of recovery to be seen in several sectoral indicators, although growth will remain low for the full year.
Colombia Economic Outlook. Fourth quarter 2017
The Colombian economy shows a better behavior from the third quarter leaving the deceleration cycle behind. For 2018 most sectors will contribute to the acceleration of the economy thanks to a stronger internal demand and a recovery in external demand.
Colombia Economic Outlook. Third Quarter 2017
The Colombian economy responded positively to the oil Price shock maintaining positive growth. Nonetheless the recovery will be slow given the limited sources of growth. Inflation should continue its descending path in 2018 reaching the target range and there will be space for the Central Bank to continue reducing its reference interest rate.
The Colombian road infrastructure: Where are we and where are we going in 4G?
4G projects have demanded an overall significant effort. At the moment, 23 of the 32 4G projects have an ANI’s contractual financial closure and only 8 of them have a definitive one. Our scenario includes an execution which is slower than what the Government expects but that is still supporting GDP growth, especially in 2019. Challenges remain to be overcome.
Presentation Colombia Economic Outlook. Third quarter 2017
The Colombian economy responded positively to the oil price shock maintaining growth in positive territory. The recovery will be slow given the limited sources of growth. Inflation will continue to descend in 2018 within the target range and there will be space for the Central Bank to continue reducing its policy rate.
Colombia Outlook. Second Quarter 2017
Perspectives for world growth have increased slightly in the last quarter. In Colombia, 2017 began slowly, with growth affected by the low level of consumer confidence and sluggish public and private investment. Inflation continues to decline and BanRep will slash its benchmark rate in the coming months.
Presentation Colombia Economic Outlook. Second quarter 2017
World growth continues apace. The Colombian economy will grow slightly faster than it did in 2016. 2016 saw a healthy and significant adjustment to the current account. Inflation shakes off supply-side shocks and ratifies its sharp fall. The Banco de la República has embarked on a downward rate cycle.
Colombia Economic Outlook. First Quarter 2017
The global economy is gradually accelerating on the back of United States growth. Colombia GDP growth will rise from 1.9% in 2016 to 2.4% and 3.3% in 2017 and 2018. Investment will be decisive for reaching theses figures. The progressive reduction of inflation will allow BanRep to slash rates during 2017 and 2018.
Presentation Colombia Economic Outlook. First Quarter 2017
The global economy is gradually accelerating on the back of United States growth. Colombia GDP growth will rise from 1.9% in 2016 to 2.4% and 3.3% in 2017 and 2018. Investment will be decisive for reaching theses figures. The progressive reduction of inflation will allow BanRep to slash rates during 2017 and 2018.
Colombia Economic Outlook. Fourth Quarter 2016
Global economy: slow recovery with the support of central banks. Colombia is nearing completion of its adjustment to lower oil prices and its growth will gradually accelerate from 2017 onwards. Current account deficit is rapidly decreasing. Rapid decline in inflation is making room for BanRep to be more aggressive in lowering intervention rates in 2017.
