The OECD on Wednesday downgraded its outlook for economic growth in Colombia to 3.3% in 2015 and 3.7% in 2016, by a reduction in investment and exports by drop in prices basic products and a slowdown in public spending by a fall in mining revenues.
In its outlook report last November, the Organization for Economic Cooperation and Development (OECD) had noted that the rise in gross domestic product ( GDP) would be 4.4% this year and 4.7% next.
In the previous study, these figures on the progression of GDP were by far better than those of the 34 current members of the organization, in which the country is in the accession process.
The authors of this new evaluation stressed that the growth will be reduced by the gradual rebalancing of investment and employment beyond commodities, which lower the export domain mining and oil, which currently account for 70% of sales abroad.
The agency predicted that investment gain some momentum into the second half of 2016 and said the current deficit by current account expanded this year but will gradually decline as improve competitiveness.
The OECD estimated that fiscal policy should remain neutral to maintain controlled inflation expectations, and considered that consolidation should continue, although greater long-term tax revenues will be needed needed to finance social spending and investment in infrastructure.
The report also recommended the implementation of structural reforms to make growth more inclusive and facilitate the above process economic adjustment, and he stressed that proper implementation of the program of transport infrastructure will be key to this rebalancing.
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