Bank of Colombia forecasts stronger growth as oil shock fades
The central bank expects higher GDP growth and inflation within target as it cuts rates
The governor of the Central Bank of Colombia, Juan José Echavarría, forecasts higher growth and contained inflation in 2018, as the institution continues an easing cycle initiated in 2016.
Colombia, a major exporter of raw materials such as coal and oil, suffered lower revenues and economic growth when oil prices fell dramatically in 2014. Prices dropped from $114 per barrel (/bbl) in June 2014 to $29/bbl in January 2016 on higher US shale oil production, and stand at $51/bbl today (August 16)
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