Colombia latest publications
Last week I was in Cali participating in a panel about growth law or tax reform approved at the end last year in the seminary of ANIF-Fedesarrollo for which I did a reading and organizing the big topics.
The Growth Law is good in terms of formalization. It also brings the tax statute closer to international standards. However, it falls short in improving the distribution of the tax burden between companies and individuals and in increasing tax collection, while maintaining and extending exemptions.
We are already 50 million. On Wednesday of this week we have achieved that milestone which don't say much itselft but it do give us the opportunity to take a look to see who we are.
Global growth stabilizes in 2020 at low levels. On the local side, the economy will grow 3.2% in 2020 driven by internal demand, particularly from investment. Inflation returns to a decreasing path and interest rates remain stable in this context in 2020.
Latin America will face a context of a moderate world growth recovery and latent global tensions, despite the latter having reduced lately. In addition, social discontent and political tensions present in some countries of the region need to be taken into account.
January is over and the calendar of the Board of the Bank of the Republic begins. In this little more than a month that has passed since December, the members of the Board are going to sit down to discuss a world that closed 2019 with calmer markets but with global growth that stabilized at low levels.
The ability to cope with financial shocks from one's own resources is called financial vulnerability. It is measured as the period of time that individuals can survive by covering their needs if they lose their main source of income and without using credit.
We have just done our forecasting exercise for the global economy and the Colombian economy, and we are seeing the glass get a little fuller. We do not see a world with spectacular growth, but we do see a world in which uncertainty is less than it was a few months ago, allowing world growth to stabilize.