Economic Outlook for Colombia in 2022.
For many countries, 2022 is an uncertain scenario not only in the face of the pandemic but in economic, political, social and cultural aspects. However, for Colombia this year is expected to be a great growth compared to other countries.
According to the Organization for Economic Cooperation and Development (OECD) the projection of Colombian GDP rose to 5.5% by 2022, from 3.5% of its previous forecast and for this year expects it to rise 9.5% (Becerra, 2021). As stated above, Colombia would be the fastest growing economy in the region by 2022.
Together with OECD projections, factors such as private consumption, which is currently the main driver of recovery as employment is reactivated, progress in vaccination processes, Rising commodity prices and improved prospects in the main trading partners will continue to support the country’s exports (Becerra, 2021).
On the other hand, by 2022, fiscal policy is expected to provide continued support to vulnerable households, while the role of the Banco de la República will be focused on reacting with rising interest rates as in 2021, according to the monetary policy established for this year (Becerra, 2021).
However, other entities also foresee a high development year for Colombia, for example, the International Monetary Fund raised to 3.8%, its growth projection of the Colombian economy, the World Bank also raised its forecast for 2022 from 4.1% to 4.2%. Likewise, the Economic Commission for Latin America and the Caribbean (ECLAC), according to August projections, predicts that the Colombian economy will rise 7.5% this year and 3.8% the following year (Becerra, 2021).
According to the above, in economic terms it is predicted a great year for the country but health entities are alert to the emergence of new variants of the COVID - 19 virus like Omicron that, leave an uncertain future in relation to the behaviour it may present during 2022 and thus significantly affect this year’s projections.
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Perspective, Colombia, 2022, Economy, process, procedure, Consulting, Colombian Nationality, Support, Accompaniment, Relocation, LARM.
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