In keeping with the United Nations, Colombia’s Gross Home Product (GDP) in 2023 is anticipated to sluggish considerably from final yr.

In a report revealed in December, the United Nations Financial Fee for Latin America and the Caribbean (ECLAC) forecast that Colombia’s GDP will develop by 1.5% this yr.

This projection is barely increased than the 1% GDP progress projected for South America as a complete.

ECLAC estimated that Colombia’s GDP grew by 8% final yr. That is effectively above the area’s estimated progress price of three.7%.

ECLAC’s predictions had been confirmed by Bogota’s financial suppose tank, the Basis for the Growth of Increased Schooling (Fedesarollo).

In a report launched final week, Fedesarolo additionally stated he expects Colombia’s GDP to develop by 1.5% this yr.

Final September, the suppose tank stated it anticipated GDP to develop by 2.4% in 2023.

Fedesarollo confirmed ECLAC’s declare that Colombia’s financial system is superior to that of different nations within the area.

Actually, in keeping with ECLAC, Colombia’s estimated progress price was the very best in South America, behind solely Venezuela, whose financial system grew by 12% final yr.

The anticipated slowdown within the Colombian financial system comes amid international financial uncertainty.

Worldwide Financial Fund (IMF) Managing Director Kristalina Georgieva stated Monday that one-third of the world’s economies will enter recession in 2023.

Georgieva informed US cable community CBS that the regional and international financial woes had been “as three massive economies – the US, the EU and China – are all slowing down on the similar time.”

Colombia’s financial system is anticipated to sluggish additional as very excessive inflation dampens home consumption, Fedesarollo stated.