Finance Colombia » Colombian GDP Growth

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Rightwing Candidate Iván Duque Wins Election to Become Next President of Colombia

Iván Duque won convincingly in a second-round run off election over leftwing candidate Gustavo Petro, a controversial former M-19 guerrilla member.

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Colombians today will put either rightwing candidate Iván Duque or leftist Gustavo Petro in office for the next four years.

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Duque says that tax reform to cut the corporate rate below 30% is one of the ways Colombia can get back to 5% annual GDP growth.

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

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

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

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