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Colombian economic news

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Within the context generated by the triumph of the left, that led to the Historical Pact of Gustavo Petro to guide the destiny of the country, Colombia began to carry out its path of “consolidating peace, “social and environmental justice plus change for women”, according to the motto of the party that was victorious in the elections that took place in June last year.

According to the Más Colombia portal, Economic indicators have reflected growth in 7,3 percent during 2022, thanks to the country's track record in prudent macroeconomic and fiscal management, both key factors for poverty reduction.

But nevertheless, The pace of the economy has been overheated since it had to operate above its potential, with accelerated inflation and a high current account ratio; This is reflected in the values ​​that the North American currency showed before the Representative Market Rate (TRM)

Precisely these values, as reflected TRM Hoy and expresses it More Colombia, marked the end of three consecutive falls.

Given this and with the intention that the resurgence of repressed consumption during the context of the pandemic due to the advance of COVID-19 ends completely., both monetary and fiscal policies continue in contractionary territory, GDP is only estimated to grow by around 1,7 percent during the current year.

This will result in a soft landing for the economy., something totally necessary and important for a resurgence, not only from the country, but also within the framework of the international context.

Regarding inflation, its indicators marked a 13, 1 percent at the end of last year, number arrived at by different factors, as have been the important internal demand, your own inertia, the unfortunate loss of crops due to climatological inertia and the depreciation of the local currency.

Emphasizing the La Niña phenomenon, has affected more than 750 a thousand people, with significant damage not only to homes and crops but also putting a dent in the health infrastructure, transportation and education.

All these indicators only indicate that poverty during 2022 has reflected only a small reduction since inflation, especially that which impacted food, directly relegated workers' income. Due, were estimated 5 percentage points of decrease in the poverty rate in the country.

These numbers and factors mentioned above will cause the poverty rate of 2023 mark a stagnation and as a consequence there will be greater difficulty when it comes to recovering wages.

New challenges visibly appear in the future, how to confront the inequality that exists in the country, one of the largest in the world. Beyond the fact that economic growth alone has not been enough to narrow the gaps between certain groups, either by gender, ethnicity or geographical location.

Finally, the country must focus on bringing net carbon emissions to zero, to become an economy fully adaptable to the inconveniences that climate change may cause.

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