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Canada, Australia, Singapore, and New Zealand have been negotiating to become an associate member, a goal also shared by South Korea.

After cutting the benchmark interest rate to 4.5% in January, the central bank board "considered the cycle of rate reductions had been completed," says Echavarría

More than half of the total, or $1.57 billion USD, came from the hydrocarbon sector, per DANE.

The consumer price index (IPC) rose by just 0.24% from February to March, putting the 12-month inflation rate at 3.14%, down from 3.37% in February.

The low projection is below the bulk of more optimistic predictions from various other groups that have weighed in.

"I believe we are going to have a better performance for our exports," says Analdex head Javier Díaz Molina.

Fitch: “The strength of Colombia's fiscal and macro policy institutions...are likely to prevent major economic policy changes."

Political uncertainty due to the upcoming election and challenges adhering to the so-called fiscal rule were cited as reasons for the diminished outlook.

The spending crunch will test the next president of Colombia's "commitment to meet the current fiscal rule's targets."

This was worst performance in eight years — below even the sluggish 1.96% growth of 2016 — and represents the third lowest rate this century.