Rough Road Ahead

COLOMBIA - Report 21 Jan 2015 by Veronica Navas and Mauricio Santa Maria
Executive Summary This year will be rough, and next year even rougher. While the full impact of plummeting oil prices will only hit fiscal accounts next year, the government faces huge challenges now in trying to calm investors’ jitters, and to restore confidence. This will involve showing how the government plans to deal with a fiscal gap that may expand to 2% of GDP in 2016, and overcoming the hit dealt by low oil prices. Meanwhile, the markets’ nerves will be measured by the skittish currency, now at more than COP 2,400 per dollar. The government’s new financial plan projects that fallin...

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