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Gustavo Petro has set an ambitious vision for Colombia, aiming for tourism revenues to rival those from commodities.

Gustavo Petro has exercised his constitutional right to replace two members of Colombia's central bank, despite howls of protest.

Restaurants/Hotels & Cigarettes and Alcohol also rose 0.33% & 0.22% respectively which means Colombians are still insistent on enjoying themselves.

While the fall was slightly better than expected, the positive difference is likely not enough to radicalize the central bank into taking more drastic measures.

Banco de la República is conservative by nature and there may not be enough meetings left this year to get the interest rate down to 8.25%

For 2024, Fedesarrollo is projecting GDP growth of 1.4% and a year-end CPI of 5.4%

The first quarter of 2024 recovery is likely to be modest as well — in large part due to the central bank's refusal to lower rates until December.

The central bank could hit Fedesarrollo's year-end estimate of 12.5% with cuts of 25 and 50 basis points in October and December, respectively.

Colombia's Finance Ministry and the National Business Association of Colombia (ANDI) have spent weeks and months asking for rate cuts. Will they get what they want?

Fedesarrollo's consumer confidence data for June offers some encouraging numbers — but there is still a long way to go.