Published on Thursday, June 29, 2023 | Updated on Thursday, June 29, 2023

Colombia | BBVA Forum: Economic trends of the country and the world in 2023-2024

In the global scenario, restrictive monetary policy will contribute to the gradual slowdown. The Colombian economy navigates the waters of an orderly deceleration in the coming quarters and with the capacity to continue growing 1.2% in 2023 and 1.5% in 2024, decelerating from high levels.

Key points

  • Key points:
  • Global growth remains robust in 2023, helped by dynamic labour markets and stronger activity in China. In 2024, higher interest rates with longer global duration will lead to a sharper slowdown.
  • In Colombia, the reduction in inflation will be accentuated in 2024, helped by factors such as the monetary policy rate, improving financial conditions for households and firms, allowing them to better navigate the economic slowdown.
  • In Colombia, leading indicators show that the economic slowdown continues. Domestic demand for goods will lead this behaviour, while demand for services will continue to grow.
  • The financing needs of the Colombian economy will be reduced, but will be higher than the LatAm average, putting upward pressure on the exchange rate.
  • Going forward, it will be necessary to accelerate the pace of investment and GDP expansion, taking advantage of the tailwinds to close the poverty and inequality gaps.

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