External crisis, recession and slowdown of the Colombian economy in 2008-2009: situation and prospects
Ramón Javier Mesa
Diana Constanza Restrepo
Yenny Catalina Aguirre
In 2008, the macroeconomic context in Colombia worsened significantly over the previous year: the economy grew at a rate of 2,5%, registering a strong deceleration of GDP compared with 2007 (7,5%); the inflation rate increased to 7,7%, and there was an important deterioration of some labor market indicators. The turn taken by the Colombian economy is related to both internal and external factors. Among the inmates are the weakening of the expansive cycle of construction, costs inflation and the diminishing of households and firms’ expenses. The external ones are mostly related to the international financial crisis and its repercussions on the world demand, which were begun to feel in the last trimester of 2008 when the GDP in the country decreased to a rate of -0,7 %. For 2009, the perspectives on the performance of the economy are discouraging, as the productive sectors are evolving and traditional components of aggregate demand, recession and deflation of the Colombian economy is a fact.
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