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The decision was based on worries that Colombia's economic slowdown may now be a larger concern than inflation.

"The slowdown in output and lower external imbalance reflect the adjustment required in the Colombian economy," said the central bank.

If the story plays out as expected, Bancolombia believes that 2015 and 2016 will end up being bumps in the road in an ongoing growth trajectory.

The 2.0% figure is below the projections of most analysts in what is shaping up to be an even worse year than expected for Colombia's economy.

In terms of large Latin American economies, Peru and Colombia are the only two countries currently projected for growth of 3.0% or more in 2017.

Colombia remains among the fastest-growing economies in Latin America, with government estimates signaling the country will grow approximately 3.5 to 4% in 2015, while the country’s central bank forecasts a 3.2% increase in GDP. At a time of domestic and external challenges,...

The Minister of Finance, Mauricio Cardenas, said Tuesday that the economic activity during 2014 grew by 4.6% from the previous year, according to figures published by DANE, Colombia’s official statistics agency. “The result of 3.5% for the fourth quarter allowed the...