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"I don't have the slightest doubt that the worst has already passed," said Cárdenas while predicting better economic growth this year than the 2.0% seen in 2016.

The February rate is down from 5.47% in January — and a marked decrease from the 8.97% seen in July 2017.

Replacing César Vallejo, the respected economist Ocampo will be one of the seven board members to vote during the next Banco de la República meeting in March.

The bank's second interest rate cut in three months, amid falling inflation, marks a major course change.

The slow growth in 2016 marks only the second time since 2002 that the Colombian economy has expanded by less than 3.0%.

“Crime has reached alarming levels in many countries,” said Ana María Rodríguez of the IDB.

"This report highlights the challenging environment that Colombian consumers are experiencing," says Bancolombia.

S&P made no changes but suggested it could downgrade Colombia's sovereign rating if the country's fiscal debt burden does not improve within the next 18 months.

The IMF lowered its 2017 projections for Brazil by 0.3% and Mexico by 0.6%.

Though the increase was welcomed by the government, the 126.7 trillion pesos collected came in below the target of 130.1 trillion pesos.