Several analysts agree that 2023 will be a year with several challenges in economic termss due to different factors such as: high inflation that does not seem to give in, the devaluation of the Colombian peso and a high probability of decrease.
(See: The economic ‘mega threats’ that lie in wait for humanity).
Against this background, there are several recommendations to take into account to avoid being hit hard by the possible economic crisis that would occur next year. For Andrés Castro, dean of the Faculty of International Business at the Universidad Piloto de Colombia, it is essential to be clear aboutWhat will be the situation of the country and evaluate it in the short and long term.
Likewise, it is important to think about business development measures that are sustainable in the future. Also, “be attentive to the information of what is happening. Understand the dynamics that the country is going through with a critical eye and review where they want to potentiate the opportunities as a country“.
Castro stresses that Colombia is a country with sufficient resources and that it is necessary to work to know how to maintain that wealth. Along with this, he assures that “we must also be aware of the behavior in terms of public policy and long-term measures of the Government.”
(Keep reading: Why Business Confidence Dipped in September?)
On the other hand, Carlos Guayara, co-founder of the investment fintech Trii and an economist, is important to educate yourself to avoid noise and a lot of speculation in the environment. “ANDIt is key to educate yourself on financial inclusion, to know what is happening and what are the challenges and opportunities that are going to be generated“, He says.
It also recommends ‘tightening your belt’. Referring to a time of recession where it is key to have good reserves and savings to have more options to act.
“The third thing is not to stay frozen. People out of fear begin to accumulate money under the mattress and let’s remember that inflation exists”, assures Guayara. In this sense, saving money as a method of protection is not a defense but results in loss of money.
(Keep reading: The formula with which a country can face and get out of a recession).
Let’s search investment options that allow them to have alternatives.
Finally, the expert suggests diversifying, “don’t put all your eggs in one basket”. For this reason, he says that it is necessary not to bet everything on a single investment alternative.
“Fortunately, right now we are seeing very good interest rates from CDTs, like the most traditional products, also the public market, stocks, derivatives, international options,” he says.
That is why it is key to put together an investment portfolio that have different levels of exposure and different types of assets. Do not lose sight, for example, of the opportunities that are occurring in the stock market, cryptocurrencies and other types of assets to generate balance in the portfolio.
BRIEFCASE
