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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.

The current global and regional scenarios for the Colombian economy are challenging. Volatility and uncertainty are the daily bread and we quickly move from the novel of the commercial war between the United States and China to the novel of Brexit.

The global economic scenario has improved in the past three months, but growth is still weak, and vulnerable to several risks. In Spain, data on activity lend an upward bias to our growth forecast for 2016, while increased uncertainty gives a d…