COLOMBIA: IMF Cuts Growth Estimate To 2% In 2017, From 2.3%

(RTTNews) - The International Monetary Fund (IMF) cut Colombia's economic growth forecasts to 2% in 2017, from 2.3% in its April report, while estimating that in 2018 Gross Domestic Product (GDP) will grow 3%.

Alejandro Werner, IMF's Director for the Western Hemisphere Department, said that Colombia's economic slowdown is advancing in an orderly manner this year, thanks to a timely tightening of monetary policy, as domestic demand adjusts to the permanent shock in national income caused by falling oil prices.

"The easing cycle in monetary policy launched by the dissipation of inflationary pressures should support the short-term recovery, while the peace agreement, the infrastructure program, and the investment-friendly tax reform should encourage inclusive growth in the short term," the IMF said on Colombia.