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Colombia’s Constitutional Court invalidated several articles of the President Ivan Duque’s “Ley de Financiamiento” fiscal reform law that was approved at the end of 2018 declaring them unenforceable. This means that the government has until January 1 2020 to return to...

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

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

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

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

"These forecasts for Colombia's growth are much higher, compared to the other scenarios in Latin America," said Cárdenas.

Last July, the IMF forecasted Colombia's GDP to grow by 3.0% in 2017. In October, that figure fell to 2.7% then, in April, it was cut again to 2.3%. Now it sits at 2.0%.

The 25-point cut narrowly won the day among central bank board members with a 4-3 vote. All three dissenters preferred another 50-point reduction.

One analyst firm believes the move "to step up the pace of interest rate cuts is a clear response to the weakness of the recent activity data."

The IMF is predicting 2.3% GDP growth for Colombia in 2017, a decrease from the 2.7% expansion the institution had forecasted in October.