The World Bank recently forecast that Colombia’s economy will grow 2.9% in 2018, nearly 1% more than the Latin American and Caribbean region as a whole. Meanwhile the country’s banking association Asobancaria has predicted that its members’ loan portfolios will grow 6.3% over the same period.
The organisations gave similar reasons for their predictions, including increased domestic consumption, recovering exports, and the lowering of interest rates over 2017. The central bank unexpectedly cut the benchmark rate again in January 2018, but said “the reduction cycle of the interest rate has been completed”. It suggests now is the ideal time to borrow.
