Colombia Economic Snapshot

> Panorama económico de Colombia

GDP is projected to grow by 6.1% in 2022 and 2.1% in 2023. Private consumption is the main driver of the recovery, driven by a gradual pick-up of employment. Strong commodity prices have improved the terms of trade and are supporting fiscal outcomes, against the background of rising external demand. Inflation has risen well above target, initially driven by food and energy prices, which have particularly affected low-income households. More recently, however, inflationary pressures have become increasingly widespread.

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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.

• Learning the lessons of the pandemic: Towards universal social protection in Colombia, blog
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