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World trade has recovered to a new all-time high after the confrontations between the United States and China, protectionism, and the pandemic. The recovery is mainly driven by the United States, retaking its leadership in global growth, and driving global growth, particularly for Colombia.

En España, los datos del tercer trimestre y el aumento de la incertidumbre sesgan a la baja las expectativas de crecimiento. Sin embargo, la recuperación muestra una fuerte resistencia en el cuarto trimestre de 2017.