Colombia’s economic growth for 2010 is thought to be headed for a level higher than previously expected according to Finance Minister Oscar Ivan Zuluaga, reports Reuters.
“For 2010, the government had set a forecast of 2.5 percent and we believe the final result will be higher,” Zuluaga announced.
In late April the government lowered expectations for 2010 from 4% to between 2% and 3%, as a high unemployment rate was seen to be having a negative impact on growth.
Now, the government expects growth to be in the region of 3% – 3.5% as global economic recovery pushes Colombian exports forward and domestic consumption recovers.
According to President Alvaro Uribe, growth can exceed the current expectations if the economy of the United States, Colombia’s largest export market, improves faster than anticipated.
