Colombia: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Colombia PDF Download
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Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 85
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Book Description
Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth led by pent-up domestic demand, notably private consumption. Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully. While GDP has already reached pre-pandemic levels, employment has trailed in its recovery and macroeconomic imbalances have emerged. Amid strong demand, supply constraints, and rising commodity prices, rising inflation exceeded the upper limit of the central bank’s tolerance range in 2021. With demand-led growth and higher import prices, the current account deficit widened to 53⁄4 percent of GDP. Under staff’s assumptions for the evolution of the pandemic, above-potential growth around 51⁄2 percent is expected in 2022, led by robust household consumption and a continued recovery of investment and exports. External vulnerabilities remain elevated with high external financing needs and tighter financial conditions. External risks remain elevated and an intensification of the ongoing conflict in Ukraine may impart considerable volatility in financial and commodity markets. Domestic risks are also tilted to the downside—including uncertainty around the evolution of the pandemic, political uncertainty with national elections this year, and slower implementation of the infrastructure agenda and peace accords.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 85
Get Book Here
Book Description
Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth led by pent-up domestic demand, notably private consumption. Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully. While GDP has already reached pre-pandemic levels, employment has trailed in its recovery and macroeconomic imbalances have emerged. Amid strong demand, supply constraints, and rising commodity prices, rising inflation exceeded the upper limit of the central bank’s tolerance range in 2021. With demand-led growth and higher import prices, the current account deficit widened to 53⁄4 percent of GDP. Under staff’s assumptions for the evolution of the pandemic, above-potential growth around 51⁄2 percent is expected in 2022, led by robust household consumption and a continued recovery of investment and exports. External vulnerabilities remain elevated with high external financing needs and tighter financial conditions. External risks remain elevated and an intensification of the ongoing conflict in Ukraine may impart considerable volatility in financial and commodity markets. Domestic risks are also tilted to the downside—including uncertainty around the evolution of the pandemic, political uncertainty with national elections this year, and slower implementation of the infrastructure agenda and peace accords.
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 93
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Book Description
With the sharp growth slowdown in 2023 from an overheated post-pandemic recovery, the Colombian economy has reached more sustainable levels of economic activity and domestic demand, with a marked reduction in domestic and external imbalances owing to appropriately tight macroeconomic policies. Market confidence has improved, but risk premia remain high compared to peers. Meanwhile, progress on the social reforms in Congress has been limited.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 88
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Book Description
Benefiting from an effective policy response to the pandemic and highly favorable terms of trade, Colombia’s economy grew at one of the fastest rates among emerging economies in 2022. This demand-led recovery, however, contributed to internal and external imbalances, for which policy tightening has been now underway. A new administration took office in August 2022, with social equity and climate at the center of its ambitious reform agenda.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 66
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Book Description
Colombia’s very strong policy frameworks and comprehensive policy response to the pandemic have supported the economy’s resilience. With stronger-than-expected growth last year, fiscal deficits and public debt are declining faster than anticipated, and the fiscal framework has been reactivated with a new fiscal rule and debt anchor. Further monetary policy tightening should drive inflation towards the central bank’s inflation target by mid-2024. Successful credit support measures in the financial sector are being phased out and, as discussed in the recent FSAP, financial sector supervision and regulation have been enhanced since the previous staff assessment. Overall, the authorities remain committed to maintaining their very strong policy framework as seen by steps taken to normalize policies from a crisis footing in the pandemic. Political assurances on policy continuity from the leading candidates provide a necessary safeguard for the proposed arrangement.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 114
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Book Description
The pandemic interrupted ten years of growth, but El Salvador is rebounding quickly. Robust external demand, resilient remittances, and a sound management of the pandemic—with the help of a disbursement under the Rapid Financing Instrument (RFI) (SDR287.2 million or US$389 million) approved in April 2020—are supporting a strong recovery. Persistent fiscal deficits and high debt service are leading to large and increasing gross fiscal financing needs.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 127
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Book Description
South Africa’s subpar economic performance over the last decade has weakened its macroeconomic fundamentals and social indicators. In response to formidable COVID-19-related challenges, government expenditure surged, and, amid declining revenue, the budget deficit widened significantly. The South African Reserve Bank (SARB) and the Prudential Authority (PA) preserved adequate liquidity conditions and financial-sector stability. The cyclical recovery from the deep contraction has been faster than expected but its strength is unlikely to be sustained. Benign global market conditions have supported asset performance, although term premia are elevated due to fiscal risks. Bank soundness indicators remain solid, but a deepening bank-sovereign nexus raises some concerns.
Author: Marion Laboure
Publisher: Harvard University Press
ISBN: 0674987225
Category : Business & Economics
Languages : en
Pages : 289
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Book Description
We are only in the early stages of a broader revolution that will impact every aspect of the global economy, including commerce and government services. Coming financial technology innovations could improve the quality of life for all people. Over the past few decades, digital technology has transformed finance. Financial technology (fintech) has enabled more people with fewer resources, in more places around the world, to take advantage of banking, insurance, credit, investment, and other financial services. Marion Laboure and Nicolas Deffrennes argue that these changes are only the tip of the iceberg. A much broader revolution is under way that, if steered correctly, will lead to huge and beneficial social change. The authors describe the genesis of recent financial innovations and how they have helped consumers in rich and poor countries alike by reducing costs, increasing accessibility, and improving convenience and efficiency. They connect the dots between early innovations in financial services and the wider revolution unfolding today. Changes may disrupt traditional financial services, especially banking, but they may also help us address major social challenges: opening new career paths for millennials, transforming government services, and expanding the gig economy in developed markets. Fintech could lead to economic infrastructure developments in rural areas and could facilitate emerging social security and healthcare systems in developing countries. The authors make this case with a rich combination of economic theory and case studies, including microanalyses of the effects of fintech innovations on individuals, as well as macroeconomic perspectives on fintech's impact on societies. While celebrating fintech's achievements to date, Laboure and Deffrennes also make recommendations for overcoming the obstacles that remain. The stakes--improved quality of life for all people--could not be higher.
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category :
Languages : en
Pages : 85
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Book Description
2021 Article IV Consultation--Press Release; Staff Report; and Statement by the Executive Director for Uruguay
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 71
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Book Description
After an impressive recovery from the COVID-19 pandemic, the Chilean economy is undergoing a necessary transition towards sustainable growth amid a challenging external environment. Policy implementation remains very strong, geared towards correcting macroeconomic imbalances that built up during the pandemic while protecting the most vulnerable and advancing structural reforms, consistent with past Fund Advice (Annex I). On August 29, the IMF Executive Board approved a two-year Flexible Credit Line (FCL) arrangement for Chile in the amount of SDR 13.954 billion (800 percent of quota) to augment precautionary buffers and provide substantial insurance against adverse scenarios.
Author: International Monetary Fund. Western Hemisphere Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 81
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Book Description
The Executive Board approved a 27-month Extended Fund Facility (EFF) for Ecuador on September 30, 2020. The EFF supported program built on an earlier EFF arrangement in 2019, which had been canceled, and came on the heels of a Rapid Financing Instrument (RFI) purchase in 2020. With a total access of US$6.5 billion, the 2020 EFF brought Ecuador’s cumulative access to 897 percent of quota, triggering exceptional access (EA). After five purchases and with some of the reviews combined, the arrangement expired in December 2022.
