Abstract
Benefiting from an effective policy response to the pandemic and highly favorable terms of trade, Colombia’s economy grew at one of the fastest rates among emerging economies in 2022. This demand-led recovery partly contributed to internal and external imbalances for which policy tightening is underway. The financial sector remains liquid and well capitalized, and the robust consumer credit growth observed last year is slowing. Overall, the authorities remain committed to maintaining their very strong policy frameworks and their track record of implementing very strong policies, while they seek to strengthen equity and diversify their economy from oil and coal dependence. The recent banking sector stress in advanced economies has not affected Colombia thus far.
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