The Bank of the Republic delivered its forecast of economic growth and unemployment in the country.

If the economic growth forecasts for 2021, 2022 and 2023 are met, the average annual expansion of the economy from 2019 through 2023 would be 24%

Banco de la República published its January Monetary Policy Report for 2022, where it revised up its forecast for Colombia’s economic growth for 2021 from 9.8% to 9.9%.

Taking into account that in the third quarter of the year the economy grew 13.2 % and that GDP is estimated to be 8.7 % in the fourth quarter.

The central forecast scenario assumes that in 2022 the economy will resume a gradual path of convergence towards what is estimated to be its long-term rate of expansion, a trend that would continue in 2023. In the forecast horizon, the trade deficit would be reduced more than projected in the previous report, due to a greater expected dynamic of exports and a moderation in imports.

If the growth forecasts for 2021, 2022 and 2023, contemplated in the report, are met, the average annual expansion of the economy from 2019 to 2023 would be 2.4%, lower than in the long term of the pandemic.

With respect to employment, based on recent developments in the labor market, as well as the forecasts for economic activity contemplated in this report, the national unemployment rate is estimated to continue to decline gradually and to average between 10.5% and 13% in 2022.

Source: Banco de la República.

Banco de la República entregó sus pronósticos de crecimiento económico y desempleo en Colombia