Box 3 - Assessment of the 2023 Macroeconomic Forecast Error - Monetary Policy Report - April 2024
The Monetary Policy Report presents the Bank's technical staff's analysis of the economy and the inflationary situation and its medium and long-term outlook. Based on it, it makes a recommendation to the Board of Directors on the monetary policy stance. This report is published on the second business day following the Board of Directors' meetings in January, April, July, and October.
In 2023, the Colombian economy experienced a slowdown in economic activity, registering annual growth of 0.6% after the historical highs experienced in 2021 and 2022. This same year, inflation began to converge to the target, reaching 9.3 % at yearend amid a backdrop of a weakening in domestic demand, lessening upward supply pressures, less pressure from the exchange rate, and a contractionary monetary policy stance.
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