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External crisis, recession and slowdown of the Colombian economy in 2008-2009: situation and prospects

Author

Listed:
  • Ramón Javier Mesa
  • Diana Constanza Restrepo
  • Yenny Catalina Aguirre

Abstract

In 2008, the macroeconomic context in Colombia worsened significantly over the previous year: the economy grew at a rate of 2,5%, registering a strong deceleration of GDP compared with 2007 (7,5%); the inflation rate increased to 7,7%, and there was an important deterioration of some labor market indicators. The turn taken by the Colombian economy is related to both internal and external factors. Among the inmates are the weakening of the expansive cycle of construction, costs inflation and the diminishing of households and firms’ expenses. The external ones are mostly related to the international financial crisis and its repercussions on the world demand, which were begun to feel in the last trimester of 2008 when the GDP in the country decreased to a rate of -0,7 %. For 2009, the perspectives on the performance of the economy are discouraging, as the productive sectors are evolving and traditional components of aggregate demand, recession and deflation of the Colombian economy is a fact.

Suggested Citation

  • Ramón Javier Mesa & Diana Constanza Restrepo & Yenny Catalina Aguirre, 2009. "External crisis, recession and slowdown of the Colombian economy in 2008-2009: situation and prospects," Documentos de Coyuntura 003, Universidad de Antioquia, Departamento de Economía.
    • Handle: RePEc:lde:coyunt:003
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    More about this item

    Keywords

    External Crisis; Deceleration; Recession; Inflation; Economic Policy;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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