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

"We have products for the whole Colombian market — so we’re thinking about quite ambitious growth," said Jhon Fredy Giraldo of LG.

The Colombian peso began depreciating in the lead up to the U.S. presidential election and took a big tumble today.

The biggest risk for the economy is that Santos has now lost too much political capital to get tax reform passed this year.