Colombia Economic Snapshot

June 2023

Economic Outlook Note - Colombia

GDP is expected to grow at moderate rates of 1.5% in 2023 and 1.8% in 2024, after a prolonged recovery that lifted output above its potential. Consumption and investment will remain subdued given tight macroeconomic policies and a fragile global economy, especially in 2023. Headline inflation started to decline in April and is projected to continue to decrease to the target by 2025.


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Economic Policy Reforms: Going for Growth 2023

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Economic Survey of Colombia (February 2022)

Colombia’s economy has recovered remarkably well from the COVID-19 crisis, and strong fiscal and monetary policy support have averted a stronger contraction of incomes. Solid macroeconomic policy frameworks are laying the grounds for a continuous recovery of domestic demand, although the sustainability of fiscal accounts will require further action. In a longer view, however, both growth and social inclusion are trapped by weak structural policy settings that preclude more than half of income earners from formal jobs and social protection, while preventing firms from growing and becoming more productive. Solving this vicious circle through ambitious reforms would allow a significant leap forward for material well-being in Colombia.

Executive Summary