The international economic landscape today is fraught with complexities. It is common to hear analysts talk about a possible reconomic recession caused by high inflation figures and the impacts of the war between Russia and Ukraine. This phenomenon would occur with the main impact in Europe and the United Kingdom.
(Read: Colombia, among the countries with the most restrictive economies).
According to the World Bank, this would have an effect on several world economies and, above all, on developing markets. One of them is the United States, which according to Ficht would have a lesser impact than in Europe but would see a significant slowdown in its economic growth.
That is why Colombia could not be immune to this global crisis. It should be remembered that in July of this year the United States was the country’s main partner in terms of exports with a 26% share.
Economic recession
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Regarding imports in that same month, The United States was 26% and China 24%. In the event of an impact on trading partners, according to analysts, this would imply lower demand for locally produced goods and services and a shortage of others brought from these countries.
(Keep reading: Energy prices: pros and cons of measures taken by the Government).
The Finance Minister Jose Antonio Ocampo has recognized it. The senior official explained that the economic crisis that is being experienced has a global impact. Another of the effects is explained by the trend of the monetary policy of the main banks in the world. In recent months there have been significant increases in interest rates and this leads to external financing with high costs.
The foregoing, added to a strengthening of the dollar that generates pressures in the internal market. Along with this, effects would be seen in the prices of some raw materials.
It should be noted that the Government lowered its expectation of economic growth for 2022 and fell from 3.2% to 1.8%.
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