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Published on Thursday, May 27, 2021

Colombia | A month to forget and keep on building the recovery

In the month of May, the economic growth of the first quarter of 2021 was known, surprising with levels close to the GDP of the end of 2019. However, the different negative events that occurred throughout the month require quick solutions to avoid disrupting the dynamism and recovery of the beginning of the year.

Key points

  • Key points:
  • Colombia grew 1.1 % annually in the first quarter of 2021, a value that is mainly explained by the performance in the month of March, both in terms of supply and demand.
  • The increase in poverty in 2020, the withdrawal of the fiscal and health reforms, the blockades to the logistics and production chain that follow the protests and the downgrading of the sovereign rating by S&P, among others, are the main events that threaten the economic recovery.
  • It is early to assess the definitive effects on the economic outlook because much depends on the extent and magnitude of the blockades, and the new tax reform in Congress.
  • The country needs another environment to continue the recovery process and not to halt completely the dynamism of March.

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