Published on Friday, February 2, 2024

Colombia | Shines and shadows of 2024

Colombia faces a year of economic challenges and opportunities, marked by factors such as the slowdown in inflation, the increase in the minimum wage and the series of reforms being considered by Congress.

Key points

  • Key points:
  • The slowdown in inflation will allow the Central Bank to reduce interest rates, encouraging investment and consumption. Sectors such as industry, commerce, agriculture, and communications will lead growth.
  • A challenging scenario is foreseen in the labor market, with lower employment generation and a deterioration in formality. In addition, the El Niño phenomenon will impact food and energy prices, affecting the available supply at the beginning of the year.
  • Tight fiscal accounts generate concerns about collection capacity and the possibility of spending reductions. Globally, uncertainty and volatility due to geopolitical factors, conflicts and elections introduce an element of risk.
  • 2024 is shaping up to be a year of reforms, although their positive or negative impact is still uncertain. Congressional decisions and fiscal measures will be key in determining the economic course, but their outcome is a factor of uncertainty in the national agenda.

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