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BanRep Governor Villar Expects Economy To Grow 3.4% Next Year

COLOMBIA
  • BanRep Governor Villar struck an upbeat tone in a speech to lawmakers today, saying that he expects the economy to grow by 3.4% next year, which would be close to its potential rate. This compares with the latest Bloomberg consensus for growth of 2.7% next year, up from a forecasted 1.4% this year and just 0.6% in 2023.
  • Growth would be supported by a decline of inflation and further cuts in interest rates. These cuts are already feeding through to consumer and corporate loans, where interest rates are falling as expected, he said. The next BanRep monetary policy meeting will be held on April 30, when analysts expect the central bank to deliver another 50bp rate cut to 11.75%.
  • Meanwhile, Villar also noted that the country’s flexible credit line with the IMF will fall to around $7.5bn, from $9bn currently.
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