Colombia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia
IMF Staff Country Reports, March 23, 2021
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- Canonical URL
- Colombia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia
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Bibliographic details
- Published: March 23, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513574608.002
Executive summary and macroeconomic outlook
- COVID-19 has taken a severe social and economic toll, including almost 60,000 deaths.
- With over 5 million jobs temporarily affected, Colombia recorded its largest recession on record.
- Since 2020H2, an uneven recovery with intermittent growth has been underway, led by private domestic demand.
- IMF staff expects only a gradual recovery in 2021 with economic activity not expected to return to pre-pandemic levels until the second half of 2022.
- Vaccinations began in February with plans to effectively cover the adult population.
- Both external and domestic risks remain skewed to the downside.
Key findings and indicators
- Deaths: almost 60,000.
- Employment impact: over 5 million jobs temporarily affected.
- Recession: Colombia recorded its largest recession on record.
- Recovery timing: economic activity not expected to return to pre-pandemic levels until the second half of 2022.
- Recovery start: uneven recovery with intermittent growth has been underway since 2020H2.
- Vaccination rollout: began in February; plans to effectively cover the adult population.
- Risk assessment: external and domestic risks skewed to the downside.
Content in this bundle
- 1colea2021001