{
  "title": "Colombia: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Colombia",
  "publication": "IMF Staff Country Reports, April 4, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/04/04/colombia-2022-article-iv-consultation-press-release-staff-report-and-statement-by-the-516082",
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  "summary": "Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth led by pent-up domestic demand, notably private consumption. Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth, led by pent-up domestic demand, notably private consumption.\n- Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully.\n- GDP has already reached pre-pandemic levels, but employment has lagged its recovery and macroeconomic imbalances have emerged."
    },
    {
      "heading": "Economic performance and drivers (2021)",
      "content": "- Growth: 10.6 percent in 2021, driven by pent-up domestic demand and private consumption.\n- Inflation: Rising inflation exceeded the upper limit of the central bank’s tolerance range in 2021 amid strong demand, supply constraints, and rising commodity prices.\n- Current account: The current account deficit widened to 5¾ percent of GDP due to demand-led growth and higher import prices.\n- Labor market: Employment recovery has trailed the recovery in GDP."
    },
    {
      "heading": "Projections and near-term outlook (staff assumptions)",
      "content": "- Growth outlook: Under staff’s assumptions for the evolution of the pandemic, above-potential growth around 5½ percent is expected in 2022, led by robust household consumption and a continued recovery of investment and exports.\n- Reopening: Continued reopening supported by vaccination progress (66 percent fully vaccinated as of end-February)."
    },
    {
      "heading": "External and financial vulnerabilities",
      "content": "- External vulnerabilities remain elevated with high external financing needs and tighter financial conditions.\n- External risks: An intensification of the ongoing conflict in Ukraine may impart considerable volatility in financial and commodity markets."
    },
    {
      "heading": "Domestic risks and implementation challenges",
      "content": "- Domestic risks are tilted to the downside, including:\n  - Uncertainty around the evolution of the pandemic.\n  - Political uncertainty with national elections this year.\n  - Slower implementation of the infrastructure agenda and peace accords.\n\n---\n\n Content in this bundle\n\n- 1colea2022002\n  - 1colea2022002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1colea2022002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 4, 2022",
    "Series: IMF Staff Country Reports",
    "Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth, led by pent-up domestic demand, notably private consumption.",
    "Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully.",
    "GDP has already reached pre-pandemic levels, but employment has lagged its recovery and macroeconomic imbalances have emerged.",
    "Growth: 10.6 percent in 2021, driven by pent-up domestic demand and private consumption.",
    "Current account: The current account deficit widened to 5¾ percent of GDP due to demand-led growth and higher import prices.",
    "Labor market: Employment recovery has trailed the recovery in GDP.",
    "Growth outlook: Under staff’s assumptions for the evolution of the pandemic, above-potential growth around 5½ percent is expected in 2022, led by robust household consumption and a continued recovery of investment and exports.",
    "Reopening: Continued reopening supported by vaccination progress (66 percent fully vaccinated as of end-February).",
    "External vulnerabilities remain elevated with high external financing needs and tighter financial conditions.",
    "External risks: An intensification of the ongoing conflict in Ukraine may impart considerable volatility in financial and commodity markets.",
    "Domestic risks are tilted to the downside, including:",
    "**1colea2022002**"
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