‘We must build a real economic recovery policy’: José Antonio Ocampo

In his opinion column in EL TIEMPO, the Former Minister of Finance and Public Credit of the Petro government, José Antonio Ocampospoke about the urgency of implementing a clear strategy to reactivate the country’s economy, not only because of what is happening in the country, but in the world.

“In Colombia, the problems include the high fiscal deficit, the lack of consensus between the Government and Congress on the 2025 budget and tax reform, the costs of the truckers’ strike, the new controversies that will arise over the health reform, a sector that is already facing a serious crisis, and the blockade by environmental authorities and judges to the exploitation of two essential projects to guarantee the country’s gas supply in the coming years.“, said the former minister.

(More: Analysis: The effects of the increase in the price of coffee on the country’s growers).

The economist also mentioned that there is an environment of “uncertainty” in global politics, given what is happening in Middle East, Ukraine, Venezuela, Cuba, Nicaragua or Sudanas he mentions that there is no clear roadmap to address these problems.

“At the global level, they include the repeated violation of World Trade Organization rules by several major countries, the virtual stagnation of Europe and its growing technological lag, as well as the economic difficulties faced by China in renewing dynamic growth.“, Ocampo said.

(More: From the US, through Colombia and arriving in Chile: what are the rates in the region?)

He also spoke about the slow economic growth outlook in the region: “In Latin America, negative trends include the very slow recovery from the second lost decade that the region faced between 2014 and 2023, when it only grew 0.9% per year, a slower pace than the lost decade of the 1980s. This is combined with a huge lag in productivity. There are also no signs of regional processes with a chance of success, but there is the possibility of a breakup of Mercosur.“.

Economic recovery

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Finally, He called for solutions to these situations and to further close the gaps between political ideologies..

(Read also: How the US elections could influence Colombian investments there).

“It is time to build on these economic results, but also to build new positive elements, such as a real economic recovery policy and, above all, to break the negative trends in politics, with less polarization and a true national agreement. Bad politics also means economic uncertainty.“, he pointed out.

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