Análisis del entorno nacional e internacional de la economía colombiana en 2007-2008: coyuntura y perspectivas

Alexander Tobon, Ramón Mesa Callejas () and Diana Restrepo Ochoa

No 2, Documentos de Coyuntura from Universidad de Antioquia, Departamento de Economía

Abstract: The Colombian Economy grew 7,5% in 2007, the highest growth rate since the 1970's. The traditional productive sectors and the great expansion of domestic aggregate demand have been the main sources of growth. However, the major inflationary pressures along the year led to the unfulfillment of the inflation target established by the Banco de la República, with a rate of 5,7%, 1,2 percentage points greater than the maximum limit of the defined interval (3,5% – 4,5%). In this way, the need to reduce the inflation rate by the means of the rise in interest rates compromised the role of monetary and exchange rate policy and increased the instability of the exchange rate. In addition to this, the complex international context that typified the country's economy since mid 2007, as well as the risks derived from the political climate among Colombia, Venezuela and Ecuador, will be the factors that characterize the economic perspectives for 2008.

Keywords: economic growth; monetary policy; fiscal policy; exchange rate revaluation; employment; external sector (search for similar items in EconPapers)
JEL-codes: E20 E52 E62 F41 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2008-04
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Journal Article: Análisis del entorno nacional e internacional de la economía colombiana en 2007-2008: coyuntura y perspectivas (2007)
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