Central Bank forecasts GDP contraction of between -6.5% to -9%

The Central Bank of Colombia on Monday improved its projection on the performance of the economy for this year to a contraction of between 6.5% and 9%, from an initial estimate of between 6% and 10%, although returning to the figures of before the COVID-19 pandemic it will take longer than 2021. Despite the improvement in the Central Bank’s estimate, it remains less optimistic than that of the Government, which projects a fall in GDP of 5, 5% for the year. For 2021 the bank projected growth of between 3% and 7%, with 4.6% as the central value, in contrast to the government estimate of 6.6%.

Source: Reuters