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For the first time since last September, the inflation rate in Colombia landed within the central bank’s target range.

Growth will be driven by higher commodities prices, improved household consumption, and a more balanced performance across various sectors.

The prediction is slightly below the 3.0% and 2.9% forecasts from the World Bank and IMF, respectively.

The group says that 2018 will be “a year that will likely prove decisive for the region."

Banco de la República estimates that GDP grew by just 1.6% in 2017 and maintains “uncertainty over its pace of recovery.”

The IMF projection is in line with the 2.9% prediction issued last week by the World Bank.

The U.S. dollar currency index fell by almost 1% Wednesday afternoon to a 52-week low following market-moving comments by the U.S. treasury secretary.

“With the stock markets booming and GDP predicted to grow in most major markets around the world, it’s no surprise CEOs are so bullish,” said Bob Moritz of PwC.

The increase was driven largely by a 5.94% spike in labor costs and 4.38% rise in the cost of materials.

Looking further ahead, the World Bank has forecast Colombian GDP to increase by 3.4% in both 2019 and 2020.