LatinNews Daily - 29 June 2021

* The executive board of Colombia’s central bank (Banrep) has increased its growth forecast for Colombia this year from 6% to 6.5%, on account of better-than-expected growth of 1.1% in the first four months of the year, compared to the same period in 2020. Banrep governor, Leonardo Villar, said that an ongoing third wave of coronavirus (Covid-19) infections “will be reflected in reduced economic activity” from May-August, but that the “strong performance leading up to April” justified the revision in the GDP forecast. However, Villar emphasised the need for “fiscal adjustments that are required by the public finances” – an apparent reference to the repealed tax reform that generated weeks of massive anti-government protests. Without measures to boost public finances, “access to finance will be compromised and will be more costly, which will eventually reduce the ability to use monetary policy to continue supporting the recovery of economic activity and employment,” he said.

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