In Colombia, BanRep hiked the monetary policy rate by 25bp; we expect a pause for the remainder of the year

Brazilian 2Q14 GDP plummeted and the economy entered into recession with a strong decline in investment, a drop in public consumption and weak private consumption. Based on economic activity by sector we estimate a disappointing monthly activity print for July in Chile that will confirm our downward bias in our GDP growth forecast for 2014.

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