When the Going Gets Tough

COLOMBIA - Report 26 May 2015 by Veronica Navas and Mauricio Santa Maria
Executive SummaryThe Central Bank is facing an unusual dilemma (for Colombia), of having to deal simultaneously with high inflation and economic slowdown. At 4.64% in April, inflation is at its highest since May 2009, mostly due to soaring food prices, and to a weaker currency. Yet the Bank recently cut its economic growth forecast to 3.2%, from 3.6%. Manufacturing industry and mining are still weak; construction growth looks set to slide; and in March consumer confidence fell to its lowest level since 2009, indicating that consumption would weaken during H2. The Bank would rather wait for ...

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