The global economic cycle is strengthening, but some
countries are exposed to the withdrawal of US monetary
Colombia will grow by 4.7% and 5.1% in 2014 and
2015, respectively. Household consumption will continue to expand and other drivers will be the recovery of the industrial sector as well as civil works
execution from 2015 onwards.
Inflation will slowly converge with the long-term target
in 2014. We anticipate the first change in monetary
policy stance towards the end of the second quarter.
The withdrawal of monetary stimulus in the US and
the elections in 2014 will give rise to volatility in the
local markets in the first half of the year. We are
forecasting mild peso depreciation over the year.