Colombia and the International Crisis
Since the middle of last year, the International Monetary Fund has been reducing its projections for growth across Latin America. While Colombia is relatively well positioned to weather the crisis, it – and Latin America as a whole – will most likely face even steeper declines if the Obama administration does not stabilize the US economy in the coming weeks.
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BOGOTA – Just five months ago, Colombia’s government was assuring its citizens that they were protected from the international crisis. Now, analysts predict that the economy will barely grow 1% this year, and that is the best case scenario. This bleak forecast marks the end of Colombia’s longest cycle of growth in three decades, leaving the country in the same fragile situation as that of many other developing economies.