We've kept our 2025 GDP growth forecast for Colombia at 2.1% on the back of laxer financing conditions, lower inflation, and a flexible fiscal stance. We think private consumption will soften after performing strongly in the last couple of years, but a strong investment rebound will offset this. Risks have tilted to the downside due to emerging political rifts with the US, increasing the chances of tariffs. Still, we'll wait for the situation to unfold before changing our baseline.
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