The Minister of Finance, Jose Antonio Ocampo, assured that the Colombian economy will see less dynamics during the second half of the year, after the results of the first half of 2022, in which the gross domestic product (GDP) grew 10.6%.
The head of the Treasury and Public Credit portfolio assured thatn the second semester the economy will grow 3.7%and that this slowdown will be explained in part by the rise in interest rates and inflation, which will mitigate consumption.
(Read: High trade deficit and weak finances: the challenges that Ocampo sees).
Ocampo acknowledged that the Colombian economy “had a very strong reactivation in the second half of 2021 and the first half of 2022 due to a much more expansionary fiscal policy than that of other countries,” but also mentioned that although growth has continued this year, “The latest data to monitor the economy, the ISE for May, shows a fall, perhaps foreshadowing what is to come.”
The Minister also spoke of how the international context is adverse due to the slowdown experienced by countries such as the US, Europe and China.
According to the holder of the portfolio, the increase in interest rates, as well as inflation, will be reflected in a slowdown in the economy, and for the second semester growth is expected to be lower than that achieved in the first half. of the year. Likewise, he said that Colombia will grow between 2% and 3% next year.
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