NEWS FLASH

UPCOMING WEBINAR - CENTRAL AMERICA OUTLOOK: COSTA RICA, EL SALVADOR, GU...

Channeling Yogi Berra
COLOMBIA · Report · 15 Dec 2022 · 1 response

In the wake of the 2014-2016 oil price collapse, the COP/dollar depreciated 50% in nominal and 20% in real terms. Yet exports were far from experiencing a boost. The textbook effect from the devaluation on exports seemed to have stop working. But after the worst effects of the pandemic started to...

If FDI can’t sub for oil, we’ll need to live on remittances instead
COLOMBIA · Report · 06 Dec 2022 · 1 response

GDP growth posted a strong 7% result in Q3. Yet across most sectors (except for oil & mining and construction), growth keeps losing momentum. Manufacturing and commerce are losing steam. Public administration spending plunged, which does not help growth but might be good news for fiscal results. ...

Carrasquilla sacked from Central Bank board
COLOMBIA · In Brief · 25 Nov 2022 · 1 response

Section 5 of the State Council (one of Colombia's three high courts) declared void the appointment of Alberto Carrasquilla as board member of the Central Bank. According to the statement published to announce the decision, the appointment of Mr. Carrasquilla did not observe the share of women req...

Webinar replay - Colombia: Easier said than done
COLOMBIA · Report · 11 Nov 2022

Get insight into Colombia's macro economic and political outlook. Visit our calendar page to watch the replay of our webinar, "Colombia: Easier said than done", featuring Juan Carlos Echeverry and Andres Escobar discussing Colombia's politics and governance, monetary policy, and how the country ...

Slide presentation - Colombia: Easier said than done
COLOMBIA · Report · 10 Nov 2022

Access the pdf fil​e of the presentation​ from the GlobalSource Partners webinar "Colombia: Easier said than done" for insight into Colombia's macro economic and political outlook.

Habemus tributum
COLOMBIA · In Brief · 04 Nov 2022

After almost two months of discussions, the tax reform of the Petro administration is almost a reality. We say “almost”, because the texts approved by the Senate and the House are not identical, which means that a reconciled version will have to be approved early next week. As we do not expect an...

Courting chaos
COLOMBIA · Report · 01 Nov 2022

A central tenet of Colombian economic policy is that a finance minister’s economic announcements always have the full backing of the president. That is why, before making key announcements or presenting reforms, the minister always secures the president’s blessing. He then speaks on the president...

When governments talk, markets react
COLOMBIA · In Brief · 19 Oct 2022 · 1 response

At the beginning of 2022, Colombian Treasury Bills (TES - for its acronym in Spanish) outstanding were close to COP 400 trillion (tn); currently, they are reaching almost COP 450 tn. Hence, the government has issued TES handsomely, continuing a high-sloping trend exhibited since COVID hit the eco...

Everything, everywhere, all at once
COLOMBIA · Report · 03 Oct 2022 · 2 responses

Pension reform was one of President Gustavo Petro’s key campaign issues. He emphasized increasing coverage of the old-age protection system, and diverting to Colpensiones, the public pay-as-you-go system administrator, the bulk of current contributions to mandatory private pension funds. Implem...

Playing LEGO with Colombian security
COLOMBIA · Report · 02 Sep 2022

A la Obama or Trump, Gustavo Petro initiated his presidency with apparent use of executive orders. They don’t even need to be written down -- just uttered into the presidential microphone, in any meeting, before any small population, at any time of day. In most instances, the new approach comes t...

Of electrons and tax reforms
COLOMBIA · Report · 16 Aug 2022 · 1 response

The Petro administration submitted its tax reform proposal to Congress in August instead of October, out of sync with the usual timing. This was the first major act of the new government, which speaks volumes. Unsurprisingly, the expected yield is nowhere near the COP 50 trillion (3.5% of GDP, us...

Avoiding the Bermuda Triangle
COLOMBIA · Report · 09 Aug 2022

The three legs of the governability triangle that the new government seems to be working on most intensely are: 1) politics 2) the economy, and 3) the so-called “Total Peace,” plus security force reform. On the political front, there is clear progress, with President Gustavo Petro stating that he...

Between candor and carelessness
COLOMBIA · Report · 08 Jul 2022 · 1 response

How will outgoing president Iván Duque’s last Medium-Term Fiscal Framework affect President-elect Gustavo Petro’s fiscal strategy? First, the National Central Government deficit looks dramatically better under the 2022 MTFF. Not only did the 2021 NCG deficit result come in way below expectations ...

Ocampo: a good pick, but faces colossal tasks
COLOMBIA · In Brief · 30 Jun 2022

President elect Gustavo Petro announced José Antonio Ocampo as his pick for Finance Minister. Ocampo, a Ph.D. from Yale and one of the best-known Colombian economists abroad, has published extensively on macroeconomic theory and policy, international financial issues, economic and social developm...

Webinar Replay: Colombia - After the elections
COLOMBIA · Report · 24 Jun 2022

Get insight into the results of Colombia's presidential elections and what to expect from the Gustavo Petro administration. Visit our calendar page to watch the replay of our webinar featuring Juan Carlos Echeverry and Andres Escobar discussing the election results and their ramifications on Col...