{
  "title": "Colombia: 2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Colombia",
  "publication": "IMF Staff Country Reports, April 17, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/16/colombia-2020-article-iv-consultation-press-release-staff-report-and-statement-by-the-49331",
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  "summary": "This 2020 Article IV Consultation with Colombia highlights that with the disruptions associated with the coronavirus disease 2019 pandemic and with lower oil prices, real gross domestic product (GDP) is projected to contract by 2.4 percent in 2020.",
  "sections": [
    {
      "heading": "Executive summary and outlook",
      "content": "- Real gross domestic product (GDP) is projected to contract by 2.4 percent in 2020.\n- In the near term, disruptions associated, directly and indirectly, with the coronavirus disease 2019 pandemic are expected to generate a recession of -2.4 percent in 2020.\n- Weaker domestic demand from the shutdown efforts is expected to partially offset lower external demand and commodity prices.\n- The current account deficit is projected to rise to 4.7 percent of GDP."
    },
    {
      "heading": "Monetary policy and financial sector guidance",
      "content": "- Recent monetary easing is welcomed by the IMF and accommodation should continue to support the economy if underlying inflation and inflation expectations remain moderate.\n- Continued liquidity support should be provided as required.\n- Available capital buffers in the banking system should be used as needed."
    },
    {
      "heading": "Fiscal policy guidance",
      "content": "- All available space under the fiscal rule can be used to meet unforeseen health expenditures and for countercyclical spending to further support the economy through recession."
    },
    {
      "heading": "Subjects and keywords highlighted in the report",
      "content": "- Subjects: COVID-19, Expenditure, External debt, Health, Migration, Oil prices, Population and demographics, Prices, Public debt, Revenue administration\n- Keywords: Banco de la República, COVID-19, CR, fully-fledged inflation targeting regime, Global, inflation expectation, ISCR, liability positions vis-à-vis nonresident, Migration, monetary policy interest rate, Oil prices\n\n---\n\n Content in this bundle\n\n- Colombia Staff Report for the 2020 Article Iv Consultation, April 2, 2020.\n  - Colombia Staff Report for the 2020 Article Iv Consultation, April 2, 2020. (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Colombia Staff Report for the 2020 Article Iv Consultation, April 2, 2020. (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 17, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513536965.002",
    "Real gross domestic product (GDP) is projected to contract by 2.4 percent in 2020.",
    "In the near term, disruptions associated, directly and indirectly, with the coronavirus disease 2019 pandemic are expected to generate a recession of -2.4 percent in 2020.",
    "Weaker domestic demand from the shutdown efforts is expected to partially offset lower external demand and commodity prices.",
    "The current account deficit is projected to rise to 4.7 percent of GDP.",
    "Recent monetary easing is welcomed by the IMF and accommodation should continue to support the economy if underlying inflation and inflation expectations remain moderate.",
    "Continued liquidity support should be provided as required.",
    "Available capital buffers in the banking system should be used as needed.",
    "All available space under the fiscal rule can be used to meet unforeseen health expenditures and for countercyclical spending to further support the economy through recession.",
    "Subjects: COVID-19, Expenditure, External debt, Health, Migration, Oil prices, Population and demographics, Prices, Public debt, Revenue administration",
    "Keywords: Banco de la República, COVID-19, CR, fully-fledged inflation targeting regime, Global, inflation expectation, ISCR, liability positions vis-à-vis nonresident, Migration, monetary policy interest rate, Oil prices",
    "**Colombia Staff Report for the 2020 Article Iv Consultation, April 2, 2020.**"
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