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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.

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."