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July's rate of 3.4% is a decrease from the 3.99% seen in June and represents the 12th straight month that inflation has fallen.

The central bank again expressed concern about economic weakness on top of low domestic demand and low external demand.

"These forecasts for Colombia's growth are much higher, compared to the other scenarios in Latin America," said Cárdenas.

Last July, the IMF forecasted Colombia's GDP to grow by 3.0% in 2017. In October, that figure fell to 2.7% then, in April, it was cut again to 2.3%. Now it sits at 2.0%.

While the rest of Latin America is going one way, Colombia is still lagging behind. Only Ecuador, with a 6.1% drop in the first quarter, performed worse.

"Latin American economies remain vulnerable to a sharp deceleration in the Chinese economy and its knock-on effects in commodity prices," said Rui J. Pereira of Fitch Ratings.

The perception of security in Colombia is better than the three other largest countries in Latin America: Mexico, Brazil, and Argentina.

"We will continue to reduce spending with the objective of hitting fiscal targets and reinforcing our country’s BBB rating,” said Mauricio Cárdenas.

Exports from Colombia to South Korea totaled $182 million USD from last July through May 2017 compared to $137 million USD the prior year.

“Colombia's creditworthiness could be pressured” if low growth persists and high fiscal deficits undermine the government’s push to reduce debt.