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Two-thirds of those surveyed for the World Economic Forum’s Chief Economists Outlook expect a global recession in 2023

It has been a busy week for President Petro with visits to Santiago, Chile and Caracas, Venezuela.

Ocampo added that inflation should have slowed in December & this will allow the central bank to cease the tightening cycle.

Even though Christmas is this coming weekend, the week ahead will feature a number of economic releases.

Ironically despite the stubborn inflation, the Central Bank at this Friday's meeting will not be increasing rates.

While the president is away at the COP27 summit, inflation hit a 23 year high, which will no doubt affect the coming minimum wage increase.

Last week ended with the Central Bank increasing rates from 10-11%, fully as expected but FinMin Ocampo was part of a unanimous vote of 7-0 despite public comments suggesting rate increases wouldn’t slow supply side inflation. His reply was that he wanted to help the...

Perhaps the biggest concern is the perception of mixed messages between President Petro and Finance Minister Ocampo.

On Friday we also had the Central Bank's latest survey for October, and everything continues to trend upwards versus September.

A Colombian government delegation was in Washington this week meeting with IMF, World Bank and US officials.