Colombia:2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia

Author: International Monetary Fund. Western Hemisphere Dept.

Colombia: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia

Volume/Issue: Volume 2023 Issue 120

Publication date: March 2023

ISBN: 9798400238109

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Topics covered in this book

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Business and Economics - Statistics , Public Finance , Economics- Macroeconomics , Inflation , Exports and Imports , International - Economics , Money and Monetary Policy , inflation expectation , headline inflation , price stability mandate , Policy implementation , CPI basket , Inflation , Fiscal rules , Credit , Global , Central America

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Summary

Benefiting from an effective policy response to the pandemic and highly favorable terms of trade, Colombia’s economy grew at one of the fastest rates among emerging economies in 2022. This demand-led recovery, however, contributed to internal and external imbalances, for which policy tightening has been now underway. A new administration took office in August 2022, with social equity and climate at the center of its ambitious reform agenda.