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Análisis del entorno nacional e internacional de la economía colombiana en 2007-2008: coyuntura y perspectivas

Author

Listed:
  • Alexander Tobón Arias
  • Ramón Javier Mesa Callejas
  • Diana Constanza Restrepo Ochoa

Abstract

The Colombian Economy grew 7,5% in 2007, the highest growth rate since the 1970's. The traditional productive sectors and the great expansion of domestic aggregate demand have been the main sources of growth. However, the major inflationary pressures along the year led to the unfulfillment of the inflation target established by the Banco de la República, with a rate of 5,7%, 1,2 percentage points greater than the maximum limit of the defined interval (3,5% – 4,5%). In this way, the need to reduce the inflation rate by the means of the rise in interest rates compromised the role of monetary and exchange rate policy and increased the instability of the exchange rate. In addition to this, the complex international context that typified the country's economy since mid 2007, as well as the risks derived from the political climate among Colombia, Venezuela and Ecuador, will be the factors that characterize the economic perspectives for 2008.

Suggested Citation

  • Alexander Tobón Arias & Ramón Javier Mesa Callejas & Diana Constanza Restrepo Ochoa, 2008. "Análisis del entorno nacional e internacional de la economía colombiana en 2007-2008: coyuntura y perspectivas," Documentos de Coyuntura 002, Universidad de Antioquia, Departamento de Economía.
    • Handle: RePEc:lde:coyunt:002
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    Keywords

    economic growth; monetary policy; fiscal policy; exchange rate revaluation; employment; external sector;
    All these keywords.

    JEL classification:

    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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