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When taken in conjunction with the big decline in Consumer Confidence which was reported a fortnight ago, there are reasons for concern.

In keeping with the recent macro data, consensus estimates on Colombian key economic indicators are continuing to edge higher.

Some of this may finally be starting to filter through to both the stock market and Peso - both have outperformed the region over recent sessions.

Amidst an environment where we see both analysts and overseas agents increasing their growth recommendations for both 2021 & 2022.

This is a country with problems, unquestionably, poverty has risen, there is discontent with the Government's actions in several respects and the current account situation speaks for itself. BUT, this is a country that for decades has built itself against a backdrop of problems...

Reportedly 100 new ideas have been added to Colombia's second attempt at tax reform this year, and four original provisions have already been axed.

Monday saw the latest surveys released by Fedesarrollo - the Financial Opinion Survey (FOS) & Stock Market Confidence Indices (SMCI) - for the month of June. The overall confidence number stands at 96.97% which is up 5.1% from May - breaking that down we see other improvements.

According to a new report by Colombia Risk Analysis, the debate underway over pension reform in Colombia is plagued with misinformation and confusion resulting from the current divisive political climate in the country, and conflicting objectives by various political actors....

This figure is identical to a recent forecast from the central bank and represents an improvement from the disappointing 1.8% registered in 2017.

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