The International Monetary Fund updated this Tuesday the forecasts for the PGross Domestic Product (GDP) of Colombia facing the end of 2022 and its behavior in 2023, where the world economy faces challenges of recession.
(Read: The world will suffer a ‘slowdown’ in 2023 and many countries will fall into recession).
A) Yes, The entity improved GDP growth to 7.6% for the end of 2022, from the previous 6.3% announced in July. With this new expectation, it would be the second best result behind Guyana 57.8% and, the best of its South American peers, ahead of Venezuela (6%) and Uruguay (5.3%).
(See: Economic slowdown in 2023, a scenario that gains strength).
Nevertheless, for next year the Colombian economy would slow down to 2.2%, warned the international entity, lowering its previous forecast of 3.2%. Even so, the IMF’s expectation is higher than that expected by the national government itself of 1.7%.
With this forecast, the Colombian economy would grow next year below Peru (2.6%); Ecuador (2.7%) and Venezuela (6.3%). Meanwhile, the country would rebound on Brazil (1%), Argentina (2 and Chili (-1%), of the region the only one that would suffer.
A general level, Latin America would grow at 3.5% for this 2022 and would fall back to 1.7% for 2023.
The global economy will face one of its most challenging years in 2023, amid uncertainty over the war in Ukraine, high world inflation, the race for interest rate hikes or slowdown in China.
a cocktail that will lead the world economy to a slowdown context by 2023 with the risk of turning into a generalized recession. This was stated on Tuesday by the International Monetary Fund when publishing its most recent projections report, one of the last entities to rule on this situation.
In this way, the growth of the global economy would remain stable at 3.2% for the end of this year, while for next year it drops to 2.7%, that is, a difference of 0.2 percentage points compared to the forecast revealed in July (2.9%).
“The 2023 slowdown will be broad-based, with countries that make up about a third of the global economy poised to contract this year or next. The three largest economies, the United States, China and the euro area will remain stagnant”, specified the report of the monetary organization.
The document added that this year’s shocks “economic wounds will reopen” that “they were only partially cured after the pandemic”, so, in summary they point out, “the worst is yet to come and, for many people, 2023 will feel like a recession”.
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