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Colombian Economic Deceleration, Is the Government Aware of This Situation?

On a review of what is going on with Colombian economy, Daniel Bustos writes on his blog Trayectoria Económica an analysis of what he calls ‘skinny cows’ or lean times.

Although the economy is still standing thanks to public and private investment and the construction industry, the oil barrel price is lower and tax evasion hasn't stopped. Enough problems, as to wonder: ¿Is the government aware of this situation? Bustos answers:

Parece ser que no, o por lo menos quieren disimular la cuestión a cualquier precio, […] ¿Que pasa en la economía colombiana si el precio del petróleo sigue cayendo? El país depende demasiado del petróleo, eso se puede observar claramente en las proyecciones de ingresos para los próximos años donde se situaba el precio del petróleo cercano a los 100 dólares para lo cual, con base en esto se realizaron las proyecciones de presupuesto para el mediano plazo pero con las recientes fluctuaciones del precio del crudo dichas proyecciones deben ser re-diseñadas, y los ingresos faltantes deben ser buscados de alguna parte; aunque por otro lado si el precio del dólar sigue subiendo como lo esta haciendo en este momento, sería interesante saber si este aumento de alguna forma ha amortiguado este déficit o incluso los lograra cubrir, desafortunadamente esto solo lo dirán los mercados.

Apparently, it isn't so, or at least they want to hide the issue, whatever the cost […]. What will happen with Colombian economy if oil prices keep going down? The country relies too much on oil, as we can clearly observe on the income projections for coming years, where the oil price was close to 100 dollars, and over that base, budget mid-term projections were made, but with recent fluctuations in the crude oil, those projections should be redesigned and the income shortage should come from somewhere else. Although on the other hand, if the dollar keeps increasing as it's doing, it'd be interesting to know if this increase has somehow softened the deficit or will even cover it. Unfortunately, only market will tell.

You can follow Daniel Bustos on his account on Twitter or G+

This post was part of the twenty-ninth #LunesDeBlogsGV (Monday of blogs on GV) on November 17, 2014.

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