World Bank to loan Colombia $500 mm to support infrastructure needs

The World Bank has approved a loan of $500 million to Colombia to support the Andean country's basic infrastructure needs and protect vulnerable groups during the coronavirus pandemic, it said on Wednesday. The loan will also go towards developing resilient and sustainable infrastructure to support Colombia's economic recovery and to promote the use of renewable energy sources and reducing carbon emissions. During the first six months of the year, the World Bank lent Colombia $1.25 billion and provided the country with $250 million in contingency financing to help its coronavirus response.

Colombia national jobless rate 16.8% in August, down from 20% in july

Colombia's jobless rate fell to 16.8% in August from 20% in july, while the urban rate was 19.6% (vs 24.7% in july). The national rate in the same month of 2019 was 10.8%, and the urban rate was 11.4%, the government statistics agency said on Wednesday, based on surveys in the 13 biggest cities. The urban jobless rate is more closely watched by financial markets than the national figure. Nearly 70% of the workforce is in large cities.

S&P worsens view of Colombia’s GDP for 2020 to -8%, but sees stronger recovery in 2021 at 5.5%

The rating agency S&P Global Ratings revealed an update of its economic growth estimates for the main Latin American economies. For Colombia, the vision worsened from 6% this year to 8%, while for 2021 the expectation improved from 3% to 5.5%. According to their projections, most economies return to their pre-pandemic state (fourth quarter 2019) only by 2022, except Argentina and Mexico.